JPMorgan analyst Matthew Boss added Tapestry (TPR) to the firm’s Analyst Focus List as a value pick after the company reached an agreement with Capri Holdings (CPRI) to terminate the merger agreement between the parties. Before moving forward with any acquisitions, Tapestry plans to ensure Coach remains strong and Kate Spade has returned to sustainable sales growth, the analyst tells investors in a research note. JPMorgan keeps an Overweight rating on Tapestry with a $66 price target. It views the stock as undervalued at current levels.
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