Cantor Fitzgerald initiates Tapestry stock with overweight rating on margin expansion

Cantor Fitzgerald has initiated coverage on Tapestry Inc. (NYSE:TPR) with an overweight rating and a price target of $159, citing the company's product strategy and margin improvement. The firm highlighted Tapestry's gross margin expansion from 70.8% in fiscal 2023 to 76.6% in fiscal 2026, representing approximately 580 basis points of improvement. The company's first quarter of fiscal 2027 delivered a gross margin of 78.7%, up 220 basis points and roughly 100 basis points above guidance.

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