Tapestry price target raised to $58 from $54 at Telsey Advisory

Telsey Advisory analyst Dana Telsey raised the firm’s price target on Tapestry (TPR) to $58 from $54 and keeps an Outperform rating on the shares. The company’s Q1 beat was primarily driven by gross margin expansion and stronger sales, the analyst tells investors. The firm is raising its price target on the stock given the Q1 beat and raise, operational momentum, and relative health of the Coach Brand.