UPDATE: Topeka Capital Initiates Coverage On Coach

In a report issued Tuesday,Topeka initiated coverage on Coach COH with a Hold rating and a target price of $46.

While there is a positive outlook for the future, Dorothy S. Lakner of Topeka sees that with estimated earnings for FY2015 being lower than the expected earnings for FY2014, Coach will falter rather than have share prices driven upward.

Coach will open at $41.87 on Tuesday.