Tapestry price target raised to $63 from $47 at Evercore ISI

Evercore ISI raised the firm’s price target on Tapestry (TPR) to $63 from $47 and keeps an Outperform rating on the shares after a court ruled in the FTC’s favor for a preliminary injunction to stop Tapestry’s acquisition of Capri Holdings (CPRI). While Tapestry and Capri said they will follow an appeals process through February, the “odds are much worse” and the firm expects the stock to “trade like the deal is broken,” the analyst tells investors. Refocusing on fundamentals, the firm said it thinks both Coach and Kate Spade had a “solid” fiscal Q1, which will be reporting on November 7, adding that “despite all the pressure luxury brands have reported in China, we think Coach China could be surprising a source of F1Q upside.”