UPDATE: Stifel Reiterates On Coach Following Analyst Day

In a report published Friday, Stifel analyst David Schick reiterated a Buy rating on

, but lowered the price target from $65.00 to $47.00. In the report, Stifel noted, “Yes, we have had a Buy on COH; we want to remind you of that as you read further. We had thought COH had the opportunity to reset its brand higher and, given strong ROIC characteristics of the accessories business, this would drive renewed interest from investors. We were essentially wrong on the pace at which these conclusions were reached at the company. That means more damage was done and the reset of expectation has to be that much more significant. But, now one looks at a COH model with vast sales drops and pure spending increases expected. This is potentially compelling over time and so we stick with Buy.” Coach closed on Thursday at $35.69.