Tapestry price target raised to $80 from $70 at UBS, says stock fairly priced

UBS raised the firm’s price target on Tapestry (TPR) to $80 from $70 and keeps a Neutral rating on the shares. The firm says the stock is fairly priced following the “solid” Q2 results, and while the firm thinks Tapestry has revitalized Coach’s brand image and cost structure, this view is relatively in-line with the market’s, the analyst tells investors in a research note. In the near-term, UBS sees more upside risk to the stock price than downside risk.