Wedbush Starts Coach (COH) at Neutral

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Wedbush's Corinna Freedman initiated coverage on Coach (NYSE: COH) shares with a Neutral rating and $62 price target Wednesday afternoon.

Freedman cited concerns regarding:

• "potential downward consensus earnings estimate revisions for FY13 EPS due to the elimination and subsequent reinstatement of couponing at the Factory division (in our view, the largest revenue-generating segment);
  
• overly optimistic Legacy Collection expectations;
  
• recent breakdown of technical trading levels, with a lack of support due to continued macroeconomic concerns; and
  
• ongoing market and investor concerns regarding potential market share losses to faster-growing competitors."

The analyst said although valuation looks compelling, "the overhang of 'puts and takes' regarding the current quarter's same-store sales (likely to be exacerbated by weakness in overall June industry same-store sales) keeps us on the sidelines."

For an analyst ratings summary and ratings history on Coach click here. For more ratings news on Coach click here.

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