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Canaccord Genuity Upgrades Coach to “Buy”; Says Selling is Overdone (COH)

By
August 7th, 2012

Canaccord Genuity Upgrades Coach to "Buy"; Says Selling is Overdone (COH)

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Luxury handbag maker Coach, Inc. (COH) on Tuesday caught a big upgrade from analysts at Canaccord Genuity.

The firm boosted its rating on COH from “Hold” to “Buy” with a $71 price target, suggesting a 29% upside to the stock’s Monday closing price of $54.84.

Canaccord Genuity believes investors have overreacted to COH’s investment plans for 2013, and sees China as a big growth driver over the next several years.

Coach shares rose $1.01, or +1.8%, in premarket trading Tuesday.

The Bottom Line
Shares of Coach (COH) have a 2.19% dividend yield, based on last night’s closing stock price of $54.84. The stock has technical support in the $46-$49 price area. If the shares can firm up, we see overhead resistance around the $60 price level.

Coach, Inc. (COH) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.