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Tapestry (NYSE:TPR) was downgraded to a Maintain-equivalent score from a previous Purchase at Bernstein as shoppers are anticipated to drag again on premium purchasing.
“For premium manufacturers and retailers, the social gathering is over,” the downgrade be aware defined. “The demand for reasonably priced luxurious and premium manufacturers is more likely to soften in 2023, comping towards final 12 months’s wave of spending.”
The evaluation steered that 2022’s elevated ranges of luxurious purchasing was “an aberration within the wake of restricted stock and hovering demand” moderately than an indication of lasting resilience. As such, the downgrade of Tapestry (TPR) and upkeep of Maintain-equivalent scores for Lululemon and Capri Holdings is acceptable, in Bernstein’s view.
Learn extra on why Financial institution of America is contrastingly bullish on the title for 2023.
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