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In a remarkable display of market confidence, Tapestry, Inc. (NYSE: NYSE:TPR), the parent company of Coach , has seen its stock price surge to an all-time high of $87.9. According to InvestingPro data, the company maintains impressive gross profit margins of 74.77% and shows good overall financial health, though current analysis suggests the stock may be trading above its Fair Value. This milestone underscores a period of significant growth for the luxury fashion holding company, which has witnessed an impressive 101.67% increase in its stock value over the past year. Investors have rallied behind Tapestry's robust performance and strategic initiatives, propelling the stock to new heights and reflecting a bullish outlook on the company's future prospects in the competitive luxury goods market. InvestingPro subscribers have access to 18 additional exclusive insights about TPR, including detailed analysis of its dividend history and share buyback programs.
In other recent news, Tapestry Inc. has been under the spotlight with several financial firms raising their stock price targets. JPMorgan increased its target to $104, highlighting the company's significant growth, particularly within the Coach brand, and the potential for a high-teens percentage total shareholder return. TD Cowen maintained a Hold rating while raising its price target to $90, following Tapestry's strong second-quarter results. The company reported earnings per share (EPS) of $2.00, surpassing market expectations, largely attributed to a robust performance by the Coach brand.
Telsey Advisory Group adjusted its outlook on Tapestry, increasing the price target to $92 while maintaining an Outperform rating. The firm highlighted Tapestry's strong performance amid a challenging macroeconomic environment and the successful second quarter, which saw significant growth across various regions, excluding Japan. Citi analyst Paul Lejuez issued an updated price target of $85, expecting the company's second-quarter sales and EPS to outperform the consensus.
In a different vein, Richemont (SIX:CFR)'s robust quarterly results sparked a ripple effect in the luxury goods industry, causing shares of Tapestry to climb. These developments underscore a period of positive momentum and potential growth for Tapestry, as projected by multiple financial firms.
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