Tapestry reinstated with an Equal Weight at Barclays

Barclays reinstated coverage of Tapestry (TPR) with an Equal Weight rating and $57 price target With the macro backdrop “choppy,” the aspirational luxury consumer will be “increasingly choiceful” with their spending, limiting the company’s sales and margin upside and setting up a balanced risk/reward for the shares, the analyst tells investors in a research note. The firm says the consumer remains under pressure with discretionary aspirational luxury purchases potentially at risk.