Buckingham Research analyst David Glick downgraded shares of Coach COH from Neutral to Underperform and cut the price target from $32.00 to $28.00.
Glick noted that Coach will need to raise more debt and possibly cut the deal next year due to the company's cash levels. The analyst does not see the company being able to sustain current levels for its dividend.
Buckingham commented that Coach may need more than a $1 billion debt issuance to cover the current dividend.
Shares of Coach closed at $34.98 on Tuesday. he stock is currently down 1.11 percent at $34.59.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
