Erinn Murphy Is So Wrong About Tapestry

Piper Jaffray analyst Erinn Murphy reiterated an Overweight rating with a $40 price target.Murphy said Tapestry management is confident in the multi-brand strategy and reiterated their view to achieve double-digit EBIT growth in fiscal year 2020. The Kate Spade transition is underway and by the end of June, over 90 percent of full-price products will be from new creative director Nicola Glass.“While management acknowledged the overall North America retail climate has been ‘choppier’ year-to-date, trends overseas are particularly strong and they are not seeing pressure in their China business,” Murphy wrote in the note.China is still the largest opportunity across

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