Shares of Tapestry Inc. (TPR) are soaring 7.06% in intraday trading on Monday, building on pre-market momentum 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 recently. 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 the primary driver behind the stock's surge.
The bullish stance from Barclays could be interpreted as a vote of confidence in Tapestry's business strategy and future prospects. The company has been navigating the challenging retail landscape, and the positive analyst sentiment suggests that its strategies may be resonating well with industry experts. Adding to the positive sentiment, Evercore ISI analyst Michael Binetti also maintained a Buy rating on Tapestry with a price target of $97.00, further supporting the stock's upward movement.
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