Handbag survey points to demand deceleration, says RW Baird Baird's recent handbag survey pointed to a deceleration in demand but still shows Coach as the leader in most metrics. The firm still sees promise in Coach's long-term strategy but believes it will take time to bear fruit and in the meantime adds risk to its near term results. Shares of Coach remain Neutral rated.
Jefferies says Coach turnaround not being appreciated, ups to Buy Jefferies analyst Randal Konik upgraded Coach (COH) to Buy from Neutral and raised his price target for shares to $50 from $35. The stock closed yesterday up 8c to $32.02. Survey results show the handbag maker is starting to attract new customers at a faster rate while its remodel initiative should help drive a return to positive comps, Konik tells investors in a research note. He believes the company's turnaround is not being fully appreciated by the market. The analyst also added Coach to the Jefferies Franchise Picks List. He coupled the upgrade with a downgrade Vera Bradley (VRA) to Hold.