Piper Jaffray Reiterates Overweight on Coach (COH) After Meeting with Management
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Piper Jaffray reiterated an Overweight rating and $46.00 price target on Coach (NYSE: COH) after meeting with management. Piper Jaffray believes the elevated brand positioning is particularly compelling in Europe given the broader premium & luxury market has some key players that are ceding share. Piper also believes that there is a solid pathway towards $500M+.
Analyst Erinn Murphy commented, "We are maintaining our OW rating on COH following meetings with Andrew Stanleick, President & CEO of Coach Europe. In addition, we visited Modern Luxury stores in Paris (Rue St. Honoré) and London (New Bond Street) and saw the site for the newest Regent Street store--slated to open September 11. We are publishing our broader European findings today. Our view on Coach is that this brand is still very early on in its growth opportunity in the continent at only 3% of sales. While there are other brands that are going through resets or shrinking distribution (including RL, KORS, Burberry, Hugo), Coach is growing. We believe there is a solid pathway towards $500M+ as a brand in Europe and we believe the team on the ground is well-established to accomplish this goal. Coach is taking a balanced approach to growth fueling wholesale and DTC (stores + e-com)."
Shares of Coach closed at $38.53 yesterday.
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