Tapestry price target raised to $85 from $74 at Evercore ISI

Evercore ISI raised the firm’s price target on Tapestry (TPR) to $85 from $74 and keeps an Outperform rating on the shares. While the “easy money” of Tapestry’s larger than expected November accelerated share repurchase plan was priced into the stock quickly, the firm thinks this week’s fiscal Q2 update will be a battle of rising tension amid high expectations, versus a “P/E Expansion Analogy Path.” However, the firm doesn’t see a scenario where, even if fiscal Q2 expectations ran too high, there’s enough EPS downside coming out of the report to “override a 29% P/E upside opportunity to TPR’s closest high-quality peer,” the analyst tells investors in a preview.