** Shares of Coach handbag maker Tapestry TPR.N dip ~1% to $131.99 premarket

** Jefferies cuts rating to "hold" from "buy", lowers PT to $138 from $142

** Brokerage notes concerns around potentially slowing brand heat and increased discounting in the U.S. market for younger consumers amid challenging labor market

** Growth is heavily reliant on U.S. handbags, making it vulnerable if fashion trends cool or promotional activity rises - Jefferies

** 15 of 22 brokerages rate the stock "buy" or "higher", six "hold" and one "sell"; median PT is $130 - data compiled by LSEG

** Shares up nearly 96% in 2025

(Reporting by Krisha Bhatt in Bengaluru)

((Krisha.Bhatt@thomsonreuters.com;))