Tapestry (TPR) is likely to lift its earnings per share forecast for the next 12 months amid a clearer sales growth path and the sale of its Stuart Weitzman footwear brand, Morgan Stanley said in a Friday note.
The company reported fiscal Q3 adjusted earnings Thursday of $1.03 per diluted share, up from $0.81 a year earlier, as net sales increased to $1.58 billion from $1.48 billion.
According to Morgan Stanley, Tapestry has put its target of over a mid-single-digit sales growth "more sustainably in view, noting the growth of its Coach brand in the last two quarters potentially extending through fiscal Q4.
In addition, the sale of Stuart Weitzman not only addresses multi-brand portfolio risk but is also expected to give fiscal 2026 gross margins a boost, the investment firm said.
Tapestry's management also reiterated the company's "tariff resilience" and the levies' "immaterial impact" on fiscal 2025 outlook, Morgan Stanley noted.
Morgan Stanley upgraded Tapestry's rating to overweight from equal-weight, with a higher price target of $90 from $75.
Price: 77.95, Change: +0.41, Percent Change: +0.53
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