UPDATE: Wedbush Initiates Coach with Neutral, $62 PT on Near-Term Concerns

Wedbush initiates its coverage on Coach

with a Neutral rating and a price target of $62. Wedbush notes, "We are initiating coverage on large-cap accessories manufacturer, Coach Inc., with a NEUTRAL rating given our near-term concerns regarding: 1) potential downward consensus earnings estimate revisions for FY13 EPS due to the elimination and subsequent reinstatement of couponing at the Factory division (in our view, the largest revenue-generating segment); 2) overly optimistic Legacy Collection expectations; 3) recent breakdown of technical trading levels, with a lack of support due to continued macroeconomic concerns; and 4) ongoing market and investor concerns regarding potential market share losses to faster-growing competitors." COH closed at $57.65 on Wednesday.