Reinitiating Coverage of Coach Under New Analyst
We are reinitiating coverage of Coach under a new analyst with a $39.50 fair value estimate and a narrow moat rating. We reduced our fair value estimate from $42 to account for a slower near-term revenue growth rate than we previously assumed, but our long-term estimates remain intact (mid-single-digit average annual top-line growth and operating margin improving to the low 20s over the next five years). Our fair value estimate implies an 18.5 times adjusted price/earnings multiple and a 10 time...
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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