Morgan Stanley resumed coverage of Tapestry (TPR) with an Equal Weight rating and $38 price target. Despite a low valuation, the shares could be range-bound pending the Capri Holdings (CPRI) deal closure and integration, the analyst tells investors in a research note. The firm continues to see strategic rationale for the pending deal, though it highlights limited visibility into each brand’s revenue and margin trajectory.
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- Tapestry price target lowered to $41 from $56 at JPMorgan
- Tapestry price target lowered to $39 from $43 at BMO Capital
- Tapestry price target lowered to $40 from $55 at TD Cowen
- Tapestry price target lowered to $32 from $39 at UBS
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