Mizuho Securities Cuts Price Traget on Coach (COH) Following Survey

Mizuho Securities reiterated a Neutral rating on Coach (NYSE: COH), and cut the price target to $32.00 (from $34.00), following a 2015 Fall survey. The survey indicated a modest uptick in conversion over the past 3 months for COH. Analyst Betty Chen trimmed 1Q EPS to $0.40 from $0.47 on fears of Greater China slowdown and currency headwinds.

Chen commented, "We are lowering our estimates and PT to $32 following our Fall 2015 U.S. Handbag and Accessories survey which indicated modest sequential conversion gain at COH, while issues related to Outlet-reliance, fashion newness, and pricing persist. As such, we anticipate 1Q results to meet consensus’ relatively low bar, though we believe 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 $30.15 yesterday.

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