Downgrade Alert for Coach (COH)
Coach (NYSE:COH) was downgraded from Overweight to Neutral at Atlantic Equities today. The stock closed yesterday at $49.09 on volume of 6.6 million shares, above average daily volume of 3.9 million.
Coach, Inc. designs, produces, and markets primarily leather goods. The Company's products include handbags, business cases, men's and women's accessories, luggage and travel accessories, leather outerwear, and gloves. Coach, together with a licensing partner, offers watches, footwear, furniture, and eyewear.
In the past 52 weeks, shares of Coach have traded between a low of $45.87 and a high of $61.94 and closed yesterday at $49.09, which is 7% above that low price. The 200-day and 50-day moving averages have moved 0.23% lower and 0.41% lower over the past week, respectively.
Coach has overhead space with shares priced $49.09, or 18.9% below the average consensus analyst price target of $60.51. The stock should find initial resistance at its 50-day moving average (MA) of $53.49 and further resistance at its 200-day MA of $54.17.
SmarTrend recommended that its subscribers protect gains by selling shares of Coach on July 30th, 2013 by issuing a Downtrend alert when the shares were trading at $53.09. Since that call, shares of Coach have fallen 7.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: analyst upgrades/downgrades coach