Baupost's Seth Klarman slashed big Alphabet stake last quarter before the sell-off

Written by Emily J. Thompson, Senior Investment Analyst

TPR+0.4%

HUM+0.08%

GOOG-0.73%

Source: CNBC

Updated: Aug 14 2024

0mins

Source: CNBC

Seth Klarman's Investment Moves: Baupost Group's Seth Klarman significantly reduced his stake in Alphabet by 64% to $195 million before a market downturn, shifting it from the second largest to the seventh largest holding in his portfolio.
Market Trends and Holdings: Despite a strong performance in Q2, Alphabet's stock has declined over 12% in the current quarter as investors move away from high-growth tech stocks; Klarman continues to hold significant investments in other companies like Liberty Global and recently acquired shares in Humana and Capri Holdings.

TPR

$130.04+Infinity%1D

Analyst Views on TPR

Wall Street analysts forecast TPR stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for TPR is 136.57 USD with a low forecast of 120.00 USD and a high forecast of 155.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

15 Analyst Rating

13 Buy

2 Hold

0 Sell

Strong Buy

Current: 129.520

Low

120.00

Averages

136.57

High

155.00

Current: 129.520

Low

120.00

Averages

136.57

High

155.00

Citi

Paul Lejuez

Buy

maintain

$124 -> $152

2026-01-20

New

Reason

Citi

Paul Lejuez

Price Target

$124 -> $152

AI Analysis

2026-01-20

New

maintain

Buy

Reason

Citi analyst Paul Lejuez raised the firm's price target on Tapestry to $152 from $124 and keeps a Buy rating on the shares. The firm sees the company's fiscal Q2 earnings and sales beating consensus estimates on a strong holiday performance. It sees the report and guidance moving Tapestry shares higher.

UBS

Jay Sole

Neutral

maintain

$105 -> $123

2026-01-08

Reason

UBS

Jay Sole

Price Target

$105 -> $123

2026-01-08

maintain

Neutral

Reason

UBS analyst Jay Sole raised the firm's price target on Tapestry to $123 from $105 and keeps a Neutral rating on the shares. CY26 EPS upside for Softline stocks is expected to be driven by a stronger-than-expected U.S. consumer and an underappreciated "Health & Wellness 2.0" trend, with estimates at least 4% above consensus for 16 names, the analyst tells investors in a research note. Earnings momentum is projected to extend into CY27, with EPS forecasts averaging about 5% above consensus, the firm adds.

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Bernstein

Outperform

maintain

$115 -> $150

2026-01-06

Reason

Bernstein

Price Target

$115 -> $150

2026-01-06

maintain

Outperform

Reason

Bernstein raised the firm's price target on Tapestry to $150 from $115 and keeps an Outperform rating on the shares. Despite weak macro and consumer sentiment, Discretionary Goods spend held up in 2025, although the sector overall underperformed the market. The firm sees two specific pockets of opportunity into 2026, namely higher-income exposed names, which outperformed in 2025 and should continue to benefit from stronger consumer sentiment and fiscal stimulus; and clearly dislocated Sportswear brands that have derated despite positive revisions and guidance raises, and should benefit from a continued secular behavioral shift towards Sports Footwear in 2026.

Barclays

Adrienne Yih

Overweight

maintain

$127 -> $154

2026-01-06

Reason

Barclays

Adrienne Yih

Price Target

$127 -> $154

2026-01-06

maintain

Overweight

Reason

Barclays analyst Adrienne Yih raised the firm's price target on Tapestry to $154 from $127 and keeps an Overweight rating on the shares. The firm is "constructive" on the specialty retail sector into 2026, citing inventory discipline and macro tailwinds from lower interest rates and gas prices. However, stock selection "is critical as demand uncertainty persists," the analyst tells investors in a research note. Barclays adjusted price targets as part of its 2026 outlook.

About TPR

Tapestry, Inc. is a house of accessories and lifestyle brands. The Company's global house of brands include Coach and kate spade new york. Coach brand is a global fashion house of accessories and lifestyle collections. Kate Spade New York is a global lifestyle brand that designs things for the everyday, delivering seasonal collections of handbags, ready-to-wear, jewelry, footwear, gifts, home decor and more. Its products include women's handbags, women's accessories, men's and other products. Women's accessories include small leather goods which include mini and micro handbags, money pieces, wristlets, pouches and cosmetic cases. Men's includes bag collections, small leather goods, footwear, watches, sunglasses, and ready-to-wear items. Its products are sold to customers through its direct-to-consumer (DTC), wholesale and licensing businesses. Its DTC business includes retail and outlet stores, branded e-commerce sites as well as concession shop-in-shops.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.