UPDATE: ISI Group Downgrades Coach to Neutral on Negative Comps

ISI Group downgraded Coach

from Buy to Neutral and lowers the price target from $75.00 to $50.00. ISI Group noted, "On the heels of its first negative North America comp in over a decade (ex-recession), the company has announced a transformational decision to evolve Coach into more of a lifestyle brand. While this is absolutely the right thing to do and could pay huge dividends in the long-run, there are a few caveats accompanying this new strategy that elevate the risk profile in the near- and medium-term and will keep us on the sidelines until we see signs of the evolution taking hold." Coach closed at $50.75 on Wednesday.