Tapestry price target raised to $78 from $75 at Argus

Argus analyst Christine Dooley raised the firm’s price target on Tapestry (TPR) to $78 from $75 and keeps a Buy rating on the shares. Tapestry is benefiting from its direct-to-consumer channels, which represent about 85% of sales and generate stronger margins than wholesale channels while allow the company to use first-party data and analytics to better understand customer preferences, the analyst tells investors in a research note. The company’s balance sheet is clean, and its management has signaled confidence in the outlook with an aggressive share buyback program, the firm added.