These Analysts Cut Their Forecasts On Tapestry After Q1 Results

Tapestry Inc TPR reported upbeat earnings for its first quarter on Thursday.

Tapestry reported first-quarter FY24 sales growth of 0.4% year-on-year to $1.51 billion, versus the analyst consensus estimate of $1.53 billion. Adjusted EPS of $0.93 beat the analyst consensus of $0.90.

Tapestry maintained its FY24 EPS forecast of $4.10-$4.15 versus the consensus of $4.13. The company expects FY24 sales of $6.7 billion (previously $6.9 billion) versus the consensus of $6.88 billion,

Tapestry shares fell 0.9% to trade at $28.02 on Friday.

These analysts made changes to their price targets on Tapestry following earnings announcement.

• Raymond James cut the price target on Tapestry from $47 to $40. Raymond James analyst Rick Patel maintained an Outperform rating.
• Goldman Sachs slashed the price target on Tapestry from $46 to $41. Goldman Sachs analyst Brooke Roach maintained a Buy rating.

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