Tapestry price target raised to $67 from $58 at Telsey Advisory

Telsey Advisory raised the firm’s price target on Tapestry (TPR) to $67 from $58 and keeps an Outperform rating on the shares. The termination of its merger agreement with Capri Holdings (CPRI) did not come as a surprise for the firm, since the injunction handed last month put the agreement’s outside date in jeopardy, the analyst tells investors. The firm sees the potential for significant earnings accretion from the new buyback authorization. Additionally, the firm believes investors will be encouraged by the announcement the company will not seek near-term acquisitions.