Tapestry：蔻驰的连胜势头能否持续？——管理层会议和实时数据的要点

17 June 2025U.S. Apparel & Specialty RetailTapestry IncRatingOutperformPrice TargetTPR100.00 USDAneesha Sherman+1 917 344 8457aneesha.sherman@bernsteinsg.comJessica Tian+1 917 344 8413jessica.tian@bernsteinsg.comJed Hodulik+1 917 344 8594jed.hodulik@bernsteinsg.comAdjusted EPSF24AF25EF26ETPR (USD)4.295.255.93 OLD----5.84FinancialsF24AF25EF26ECAGRReported EPS3.504.225.9330.1%Dividend/Share1.401.401.7612.1%EBIT (M)1,2501,4121,53410.8%EBITDA (M)1,4241,6211,7189.8%EPS Growth (%)9.422.313.0--FCF/Share4.924.456.3513.6%Gross Margin (%)73.375.576.2--Valuation MetricsF24AF25EF26EReported P/E (x)24.119.914.2Div Yield (%)1.71.72.1EV/EBIT (x)16.414.613.4PEG Adjusted (x)2.10.71.1PEG Reported (x)2.60.91.1EV/EBITDA (x)14.412.712.0FCF Yield (%)5.845.287.53Source: Bloomberg, Bernstein estimates and analysis.Tapestry: Can Coach's winning streak continue? - Takeaways fromMgmt meetings and real-time dataAfter a +29% YTD move and double-digit growth in a declining Luxury sector, the maindebate for Tapestry