UPDATE: Citi Initiates Coverage on Coach at Buy

According to Citi, Coach (NYSE: COH) coverage is initiated at Buy.

Citi said that it is initiating coverage of COH with a Buy rating and an $85 price target. “COH's men's business is growing steadily and appears to be on track to account for $400 million in sales this year (8% of sales) with the potential for $1 billion (15% of sales) over the next few years.”

Coach closed yesterday at $74.01.