Tapestry price target raised to $58 from $53 at Baird

Baird analyst Mark Altschwager raised the firm’s price target on Tapestry (TPR) to $58 from $53 and keeps an Outperform rating on the shares. The firm raised its estimates and target as Coach brand heat continues to drive market share gains, with DTC growth in North America and better-than-feared results in China, while operating discipline is supporting stable/improving Kate profits despite top-line pressure.