UPDATE: Buckingham Downgrades Coach On Probable Dividend Cut
Buckingham Research analyst David Glick downgraded shares of Coach (NYSE: COH) from Neutral to Underperform and cut the price target from $32.00 to $28.00.
Glick noted that Coach will need to raise more debt and possibly cut the deal next year due to the company's cash levels. The analyst does not see the company being able to sustain current levels for its dividend.
Buckingham commented that Coach may need more than a $1 billion debt issuance to cover the current dividend.
Shares of Coach closed at $34.98 on Tuesday. The stock is currently down 1.11 percent at $34.59.
Latest Ratings for COH
|Feb 2017||Goldman Sachs||Upgrades||Neutral||Sell|
|Feb 2017||Evercore ISI Group||Upgrades||Hold||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.