Tapestry (TPR) could benefit from its artificial intelligence platform, Mira, which could support stronger long-term growth, UBS said in a Tuesday note.

The platform, which recently received a US patent, is designed specifically for the company's retail and fashion operations and works alongside its Global Data Fabric for rapid informed decision making across the business, the firm noted.

UBS said Tapestry's rich first-party data set, its internally developed AI platform, and the company's organizational alignment create advantages that competitors may find difficult to replicate.

The firm said Mira could also improve merchandising, assortment planning, trend detection, inventory management and supply chain planning.

UBS maintained its buy rating on Tapestry and raised its price target to $230 from $187.

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