Tapestry price target raised to $64 from $58 at Baird

Baird raised the firm’s price target on Tapestry (TPR) to $64 from $58 and keeps an Outperform rating on the shares. The firm said they see an upward bias to EPS estimates in a no-deal scenario with Capri (CPRI). With the official deal termination, additional details on the company’s buyback appetite, increased authorization to $2.8B, and reiteration of near-term priorities, not pursuing deals until Kate achieves sustainable revenue growth), together lead to raised estimates and target.