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Investing.com - BTIG initiated coverage on Tapestry Inc. (NYSE:TPR) with a Buy rating and a $140.00 price target on Tuesday. The stock has shown remarkable momentum, delivering a 154% return over the past year and currently trading near its 52-week high of $117.77.
The research firm cited the strength of the Coach brand as a key factor in its bullish outlook, noting that Coach has "earned a seat at the luxury table."
BTIG believes Coach is on track to become a $10 billion brand over time and has a clear path to achieve "Best in Class" margins, according to its research note.
The firm established earnings per share estimates for Tapestry of $5.45 for fiscal year 2026 and $6.10 for fiscal year 2027.
Tapestry Inc. is the parent company of luxury brands including Coach, Kate Spade, and Stuart Weitzman.
In other recent news, Tapestry, Inc. announced a new $3 billion share buyback program and set fresh long-term financial targets through fiscal year 2028. The company aims to return $4 billion to shareholders via share repurchases and dividends, supported by strong free cash flow. Tapestry plans to maintain its annual dividend of $1.60 per share in 2026, with expectations to grow the dividend in line with earnings growth, targeting a payout ratio of about 30% through fiscal 2028. Additionally, Jefferies raised its price target on Tapestry to $125, maintaining a Buy rating, citing a durable growth outlook through innovation and market focus. TD Cowen also reiterated a Buy rating with a $125 price target, emphasizing Tapestry’s strong value proposition compared to European luxury brands. UBS maintained a Neutral rating with a $105 price target, noting a significant shift in the Coach brand’s presentation style during the company’s analyst day. Furthermore, Tapestry announced that John P. Bilbrey will step down from its board of directors after the upcoming annual meeting, with no disagreements cited for his departure.
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