Shares of Tapestry Inc. (TPR) are soaring 5.05% in pre-market trading on Monday, following a bullish analyst report from Barclays. The luxury goods company, known for its Coach, Kate Spade, and Stuart Weitzman brands, is seeing increased investor interest after the positive outlook.
Barclays analyst Adrienne Yih reaffirmed a Buy rating on Tapestry stock in a report released on May 9. The analyst also maintained an ambitious price target of $98.00, suggesting significant upside potential from the stock's previous closing price. This optimistic view from a major financial institution appears to be driving the pre-market rally.
The bullish stance from Barclays could be interpreted as a vote of confidence in Tapestry's business strategy and future prospects. Investors will be closely watching for any further analyst commentary or company announcements that might sustain this positive momentum as the regular trading session begins.
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