Tapestry resumed with an Equal Weight at Morgan Stanley

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.