1139 ET - The end of Tapestry and Capri Holdings' merger plan frees up Tapestry's capital to deploy to shareholders returns, Raymond James analysts say in a research note. The owner of Coach and Kate Spade should continue to benefit from the brand momentum of Coach as a growth and margin driver. Over time, Tapestry might also think about selling Stuart Weitzman, which only represents 4% of its revenue, given its lagging performance and the lack of synergy to its overall portfolio, the analysts say. Raymond James raises its target price to $64 from $57 previously on higher estimates and increased confidence for EPS upside in FY25 and FY26. Tapestry shares fall 1% to $57.27. (sabela.ojea@wsj.com; @sabelaojeaguix)
(END) Dow Jones Newswires
November 15, 2024 11:39 ET (16:39 GMT)
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