Citi raised the firm’s price target on Tapestry (TPR) to $55 from $49 and keeps a Buy rating on the shares. The blocked acquisition of Capri Holdings (CPRI) simplifies the Tapestry story, “making it much cleaner,” the analyst tells investors in a research note. The firm says that although Tapestry intends to appeal the decision, the company’s management “may be breathing a secret sigh of relief.” The blocked deal allows the company’s strong free cash flow generating power to come back into focus, and it should resume share buybacks in fiscal 2025, contends Citi.
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