Tapestry, Capri rise as Barclays predicts sales boost from fewer promotions

TPR Co

18/04/2022 16:22

(Updates)
    ** Shares of Tapestry Inc  TPR.N  and Capri Holdings
 CPRI.N  rise after Barclays says handbag makers are likely to
see a sales boost from fewer promotions and robust luxury goods
market
    ** TPR is up 1.5% at $34.24 and CPRI gains 0.8% at $50.20
    Barclays says handbag makers Tapestry Inc  TPR.N  and Capri
Holdings  CPRI.N  likely to see a sales boost from fewer
promotions and a robust global luxury goods market 
    ** Brokerage expects TPR, which owns Coach, and CPRI, which
owns Michael Kors, to report better-than-expected gross margins
for March quarter, given price increases and demand continuing
to outstrip supply    
    ** Raises price target on TPR to $53 from $51, and to $74
from $72 on CPRI
    ** TPR has a median PT of $53, while CPRI's median PT is
$81.50; Both stocks have an avg "buy" rating on Wall Street -
Refinitiv data
    ** TPR has fallen 15.6% this year, while CPRI has declined
22.6% 

 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
  ;))