Tapestry’s (NYSE:TPR) revenue from its Coach product line declined from around $4.3 billion in 2019 to around $3.5 billion in 2020. Trefis expects the metric to rise to over $4.9 billion in 2022 and to over $5.2 billion by 2023.
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While sales in 2020 were impacted by the Covid-19 pandemic, we expect longer-term growth to be driven by the company’s international expansion and higher average pricing for products.
We think TPR stock is undervalued at current levels. We estimate Tapestry’s valuation at about $47 per share, about 28% ahead of the current market price.
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|S&P 500 Return||-5%||-5%||102%|
|Trefis MS Portfolio Return||-10%||-10%||255%|
 Month-to-date and year-to-date as of 1/20/2022
 Cumulative total returns since the end of 2016