UPDATE: Deutsche Bank Lowers PT on Coach on Mixed Factors

In a report published Thursday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on

, but lowered the price target from $65.00 to $60.00. In the report, Deutsche Bank noted, “With COH stock off ~5% YTD/~14% since 2011, and given underperformance relative to U.S. luxury peers, we'd like to be more positively opportunistic on Coach shares, but we struggle on which near-/mid-term catalysts would support such a call. For now, we remain at HOLD, as investors' needs for greater comfort around product initiatives and mgmt. stability are balanced by support from dividends/buybacks, the resiliency of an above-industry average margin structure, and the reality that many of Coach's issues are already known by the market. New $60 PT based on ~16x our FY14E EPS.” Coach closed on Wednesday at $52.33.