Jefferies Downgrades Coach (COH) to Hold; Upgrade Thesis Has Played Out, Buy Michael Kors (KORS) Now

(Updated - July 31, 2017 6:45 AM EDT) (updated to add analyst comment)

Jefferies downgraded Coach (NYSE: COH) from Buy to Hold with a price target of $45.00 (from $53.00).

Analyst Randal Konik said their four factors from their August 2015 upgrade have now largely unfolded. While they believe the Coach brand recovery will continue, KATE provides upside to synergy targets, and brand power is important in this Amazon-centric world, this is factored into the stock already.

Konik is recommending buying Michael Kors (NYSE: KORS) now where valuation/expectations are lower.

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 $48.69 Friday.

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