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Shares of luxury brands maker Tapestry (TPR) - Get Free Report  were rising Friday despite the company's weak fourth-quarter results, lowered guidance and a bearish note from former industry bull MKM Partners. 

MKM Partners' Roxanne Meyer downgraded Tapestry to neutral from buy while also slashing the stocks's price target to $21 from $52. Tapestry shares were up 2% to $19.84 on Friday.

"Kate Spade's outlook reflects a deterioration of trends that may take several quarters or more to repair," Meyer said. "While we see limited downside risk to the stock from here, we don't see a positive catalyst to give us conviction in material upside."

The parent company of Coach, Stuart Weitzman and Kate Spade, plunged more than 18% on Thursday.

The New York-based company said net income for its fiscal fourth quarter came in at $148.9 million, or 51 cents a share, vs. $211.7 million, or 73 cents a share in the comparable year-ago quarter. Analysts polled by FactSet had been expecting earnings of 61 cents a share.

"The brand's financial results did not meet our expectations and more time is required to drive a positive inflection in the business, particularly in light of the traffic-challenged and competitive retail environment in North America," CEO Victor Luis said in a statement.

Company-wide sales totaled $1.51 billion compared with $1.48 billion in the year-ago period. Analysts polled by FactSet had been expecting sales of $1.5 billion.