Shares of luxury fashion house Tapestry Inc. (TPR) surged 5.01% on Wednesday, outperforming the broader market intraday. The stock's rally came after JPMorgan raised its price target on the company, citing a positive outlook for Tapestry's various brands.
Analysts at JPMorgan increased their price target for Tapestry from $88 to $104, while maintaining an "Overweight" rating on the stock. The investment bank's move reflects optimism around Tapestry's growth prospects driven by strong demand for its Coach, Kate Spade, and Stuart Weitzman brands.
JPMorgan's bullish stance on Tapestry underscores the company's ability to capitalize on the resurging demand for luxury goods, particularly in key markets like China and the United States. With a diversified product portfolio and a focus on expanding its digital presence, Tapestry appears well-positioned to capitalize on the ongoing recovery in the luxury retail sector.
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