Analyst Note Sends Tapestry Stock Soaring

The equity is trading at fresh two-year highs today

Digital Content Manager
Feb 22, 2021 at 10:40 AM
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The shares of Tapestry Inc (NYSE:TPR) are up 2.3% at $40.37 this morning, earlier hitting a two-year peak of $40.80, following a bull note from Credit Suisse. The analyst in question upgraded the stock to "outperform" from "neutral" and upped its price target to $50 from $39, citing the company's digital investments and adding that Tapestry is currently underappreciated by investors. 

TPR has been grinding higher since late June, and is already up over 27% this year. The equity's 50-day moving average deftly captured a brief pullback earlier this month, which helped launch the stock its former two-year high of $40.18, on Feb. 11.

Circling back to analyst sentiment, coming into today the majority of those in coverage were optimistic, with 14 "buy" or better ratings on the table, compared to six "hold" ratings. Plus, the 12-month consensus price target of $42.75 is an 8.3% premium to last night's close. 

Option traders have also been bullish. At the Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), TPR sports a 10-day call/put volume ratio of 7.64, which stands higher than 72% of readings from the past year, suggesting this penchant for bullish bets is unusual. 

 

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