Tapestry $TPR stock confirmed a Resurrection Cross on December 15, 2022. As of December 25, 2022, the stock is rising from its lower uptrend channel support wall in the wake of an Outperform rating from Raymond James. Tapestry $TPR stock is in a technical strong uptrend.
Designer and marketer of luxury gifts and accessories for both men and women in the US and abroad is Tapestry, formerly known as Coach. The company sells lifestyle goods, such as handbags, men’s and women’s accessories, watches, jewelry, footwear, seasonal clothing collections, sunwear, and travel bags. The three business divisions of Tapestry are the Coach brand, Kate Spade and Company, and Stuart Weitzman.
Dark Pool Trade In Tapestry $TPR Stock
A dark pool trade valued at $6.4 million occurred in $TPR stock on December 16, 2022. We are unable to determine from price action if the dark pool trade was a buy or sell order; however, a narrative emerges that either Raymond James or another institutional investor front-ran the public announcement of the Raymond James Outperform rating on December 20, 2022. Another narrative emerges that no front-running took place at all and instead an institutional investor added to a long position following the Goldman Sachs upgrade on December 12, 2022.
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Tapestry initiated with an Outperform at Raymond James
Rick Patel, a Raymond James analyst, began covering Tapestry on December 20, 2022, with an Outperform rating and a $44 price target. In a research note to investors, Rick Patel stated that expectations are low and already reflect the macro headwinds affecting the majority of global brands. His projections take into account revenue declines in the low single digits for FY23 and below-algorithm growth for FY24.
Tapestry upgraded by Goldman Sachs
On December 12, 2022, Goldman Sachs analyst Brooke Roach raised Tapestry’s rating from Neutral to Buy and increased her price target from $37 to $44. Although Brooke Roach believes Tapestry has potential to reasonably outperform peers in 2023, top-line trends are likely to remain unimpressive, particularly given potential headwinds to the middle-income consumer following robust growth in 2022. The Coach brand is still showing better relative momentum than other brands in her coverage universe, according to her brand momentum trackers.