Mizuho Securities Cuts Price Target on Coach (COH) to $34 Ahead of 4Q Results
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Mizuho Securities reiterated a Neutral rating on Coach (NYSE: COH), and cut the price target to $34.00 (from $42.00), ahead of 4Q results. Analyst Betty Chen said that a survey indicated a modest uptick in conversion over the past three months for COH. The company is scheduled to report 4Q earnings, before market opens, on August 4th.
Chen commented, "We are lowering estimates, and lowering our PT to $34, following our Summer 2015 U.S. Handbag and Accessories survey which indicated modest sequential conversion gain at COH (similar to peers) while issues related to Outlet reliance, fashion newness, and pricing persist. As such, we anticipate 4Q results to meet management’s relatively low bar though long-term questions surrounding brand health and market share restoration remain unanswered."
For an analyst ratings summary and ratings history on Coach click here. For more ratings news on Coach click here.
Shares of Coach closed at $31.30 yesterday.
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