Tapestry Stock Up 89% Past Year as UBS Raises Target to $125, Wells Fargo to $165
Tapestry's shares have climbed 89% over the past year and 17.8% year-to-date after UBS raised its price target to $125 and Wells Fargo lifted its target to $165 following a 25% jump in Coach revenue and full-year earnings guidance. Jim Cramer praised the CEO’s revitalization of the Coach brand.
1. Analyst Upgrades and Share Performance
Tapestry's shares have climbed 89% over the past 12 months and 17.8% year-to-date after UBS raised its price target to $125 from $123 with a Neutral rating and Wells Fargo boosted its target to $165 from $142 while maintaining an Overweight rating.
2. Q2 Financial Highlights
In the second quarter, Tapestry delivered earnings per share above consensus and reported a 25% increase in Coach brand revenue, prompting management to raise full-year earnings guidance on stronger luxury goods demand.
3. Cramer's Endorsement
Jim Cramer said the company had “done remarkable things” under its CEO’s leadership, praising the revitalization of the Coach brand and its impact on market share and growth.