- Xavier Martínez-Galiana
Little the stock market was lasted to Tapestry, owner group of the luxury firms Coach, Stuart Weitzman and Kate Spade, which a few days ago rebounded in the animated parquet because the clothes and footwear were left out of the new tariff climb proposed by the houseWhite.However, this looked more like an inhalation before the last sigh, because two days later Tapestry's action sank more than 20% after presenting its results. | Todo sobre el índice Eco30: qué es y quién lo compone
El jueves pasado, Tapestry presentó sus cuentas del que para la compañía estadounidense es el cuarto y último trimestre de 2019; y la acción se desplomó como no lo había hecho nunca: se hundió un 22,2%.It was its greatest daily fall since 15% that lost on February 7 of this year and since 11.7% that retreated on May 1, 2018.
At the middle of Friday, Tapestry's price tried to recover part of the lost day, but it only managed to bounce around 4.5%, to raise the price of the share at $ 20.2.It has not been enough to get the lowest level action since September 2009.
De este modo, los títulos de la firma de moda cuentan con un potencial alcista en bolsa del 57,3%, lo que podría elevar el precio de la acción a los 31,73 dólares en los próximos doce meses.
The results of the company disappointed the investment community and analysts, in particular, for the worst behavior of the expected Kate Spade, one of the three icons of the group.
Tapestry sales in their fourth quarter of 2019 have reached 1.347 million euros, which represents 8% more than in the same period of the previous fiscal year, although they are 1.5% lower than market estimates.
Instead, the greatest batacazo has been in the net benefit. El grupo ganó 132,53 millones de euros en el trimestre, esto es, un 25% menos que en el mismo periodo de 2018 y un 16% menos de lo que preveía el consenso de analistas que recoge Bloomberg.
Five purchase recommendations less in one day
The disappointment has caused that, at least, five investment banks have degraded the purchase recommendation they granted to Tapestry and now grant him to maintain. Son Goldman Sachs, Oppenheimer, Piper Jaffray, MKM Partners y Credit Suisse.
De un día para otro, del 14 al 15 de agosto, la compañía ha pasado de recibir una clara recomendación de compra del consenso de mercado que recoge FactSet a una recomendación que, aun siendo compra, se acerca peligrosamente a mantener.This level of purchase tips close to maintaining since October 2018.
In the case of Goldman Sachs, in addition, analysts have reduced the target price of the action by 44%, from 43 to 24 euros;A 42.5% decrease executed by Piper Jafray and 60% in the MKM case.
Analysts argue the recommendation reduction
"La previsión de Kate Spade refleja un deterioro de las tendencias que podría conllevar varios trimestres o más para reparar", advierte la experta de MKM Partners Roxanne Meyer en declaraciones recogidas por Bloomberg."While we see a limited bearish risk for the price of the action from the current.
A su vez, el analista Michael Binetti, de Credit Suisse argumenta que las estimaciones de Kate Spade se han reducido, por un lado, por "una gran pérdida en las ventas de las mismas tiendas en el cuarto trimestre", "tendencias de deterioro a corto plazo" e "inventarios elevados que presionarán a Kate Spade en las mismas tiendas y el margen bruto hasta el año fiscal 2020".
From Piper Jafray, the analyst Erinn Murphy sees "pressure on the channels by which Tapestry (outlet stores and shopping centers) and prefers to wait to see more consistent positive signals of impulse to the Kate Spade brand and improve the balance of the product of the product.
"[Tapestry] expects a slight year -on -year decrease in income and a decrease in benefit per action," they point out from the financial information portal The Motley Fool. "Los resultados del trimestre se verán afectados por la apertura de nuevas tiendas y otras iniciativas estratégicas", explican."While Tapestry expects improvements in income and profitability in Coach and Stuart Weitzman, the Kate Spade brand is expected to increase its income at a more modest pace," they conclude.
