Tapestry: Jefferies remains Buy

(CercleFinance.com) - In a note devoted to US fashion players, Jefferies reiterates its 'buy' recommendation and $80 price target on Tapestry, judging in particular that 'concerns about pricing at Coach are overdone'.


'Share buybacks provide visibility for EPS growth in the low double-digit range or more, and Tapestry has a significant opportunity for multiple expansion to catch up with its peers', adds the broker.

However, Jefferies says it is 'keeping an eye on rising inventories (up 9% year-on-year in recent quarters) as a potential risk to gross margin if demand momentum slows'.

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