Tapestry price target raised to $70 from $60 at Guggenheim

Guggenheim analyst Robert Drbul raised the firm’s price target on Tapestry (TPR) to $70 from $60 and keeps a Buy rating on the shares after the company and Capri (CPRI) announced their mutual agreement to terminate their planned merger. The firm believes that choice is “prudent” as both companies prioritized reallocating their resources and time to focus on each respective portfolio and with the Capri merger chapter now closed it continues to see value-creation opportunity within Tapestry’s current portfolio, the analyst tells investors.