Why Tapestry Is Up 9% Today

Howard Smith, The Motley Fool
·2-min read
Why Tapestry Is Up 9% Today

Tapestry (NYSE: TPR), parent company of the Coach and Kate Spade luxury brands, saw its share price jump almost 10% today as of 12:40 p.m. EDT, after an analyst at Deutsche Bank laid out several positive developments. DB analyst Paul Trussell upgraded his rating on Tapestry from hold to buy, and moved his price target up from $18 to $21, representing 25% upside from yesterday's closing share price. When Tapestry reported fiscal fourth-quarter earnings last month, it reported a 53% drop in sales, but said it exceeded its internal estimates.