Tapestry price target raised to $60 from $52 at BofA

BofA raised the firm’s price target on Tapestry (TPR) to $60 from $52 and keeps a Buy rating on the shares. The blocking of the Capri Holdings (CPRI) acquisition is a positive for Tapestry as it can now focus on its “stable, high margin, free cash flow generative business rather than trying to turn around a struggling brand,” the analyst tells investors in a research note. The firm says the company can now pay down the debt taken on for the deal and move back to a total shareholder return algorithm with a steady and growing dividend and large buyback.