The price target for Tapestry has been raised to $55 from $49 at Citi. However, the company's multi-billion dollar merger with Capri has been blocked by a US court, causing Capri's stocks to tumble almost 46%. The Federal Trade Commission won the halt to the planned $8.5 billion Tapestry tie-up, pushing Capri's stocks to drop drastically. Despite the blocked merger, Tapestry's stocks climbed 14.32% on October 25, with various analysts and firms anticipating positive future performance. Wells Fargo & Company have given Tapestry a new price target of $65.00.
On the earnings front, Tapestry recently beat earnings per share estimates, but missed the revenue for Q3 2024. Tapestry posted their strongest Q2 results within the Apparel, Accessories, and Luxury Goods Group and expects to report further earnings soon. Eva Erdmann has been appointed as the CEO & Brand President of Kate Spade under Tapestry. A pending court fight with FTC over the blocked Capri deal is set to begin soon.
Tapestry TPR News Analytics from Wed, 27 Mar 2024 07:00:00 GMT to Sat, 26 Oct 2024 10:47:02 GMT - Rating 5 - Innovation -7 - Information 8 - Rumor -3
