Coach Turnaround Still On Track; Shares Undervalued
Narrow-moat Coach’s first-quarter positive top-line growth and significant operating margin expansion was an even more notable achievement when taking into account handbag and retail traffic headwinds. We are reassured that plans to elevate the brand, strategically balance distribution channels, and improve profitability are proceeding on track and yielding the desired metric improvements. As a result, we see little change to our $42 fair value estimate or our belief that Coach can achieve mid-s...
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