Bullish Bettors Should Consider this Luxury Fashion Stock

It’s also worth noting that there is decent put OI residing at the March 42.50-strike

Feb 28, 2023 at 12:42 PM
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The shares of Tapestry Inc (NYSE:TPR) recently pulled back to their 50-day moving average, which is four times their $10.50 low in 2020 and 1.5 times their September 2022 low. What’s more, this trendline coincides with the equity’s March 2022 peak, as well as the round $10 billion market cap. This dip follows a gap higher earlier this month, after the luxury retailer’s fiscal second-quarter earnings report, making now an opportune time buy TPR calls.
 WT Repost TPR Febraury 212023
It’s also worth noting that there is decent put open interest (OI) residing at the March 42.50-strike. Plus, the security is currently trading around the $42 region, while the $40 level is roughly half its all-time high.

Shorts are in covering mode, after short interest hit a more than two-year high in October. However, short interest still sits 20% above last year’s low, indicating there is plenty of pessimism left to unwind, which could boost the shares.

Our recommended May call has a leverage ratio of 5.0, and will double in value on an 18.7% pop in the underlying equity.
 
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