Coach Turnaround Continues to Show Progress, but Shares Are Fairly Valued
We think 2016 marked a turning point for Coach, with a return to positive comparable sales in North America, skewing toward premium price points, and elevation in distribution channels. With pricing power apparent and growing, we feel Coach’s narrow moat is firmly intact and management’s strategic plan and investments are repositioning the company for long-term success. That said, we think some of the likely upside in performance will be muted in 2017, as strategic actions continue (the company ...
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