Shares of luxury-fashion retailer Coach (COH) continued to fall out of vogue, sliding Wednesday after Morgan Stanley analyst Kimberly Greenberger cut the firm's rating on the stock to UNDERWEIGHT and posted a $32 price target, that's roughly $12 lower than consensus estimates. Coach shares are down about 18% since the beginning of August. Analysts at William Blair noting in a recent report that Coach's stake in the fashion market has been expected to shrink relative to peers like Kate Spade (KATE) . William Blair has cited "brand repositioning efforts," such as a reduced emphasis on online sales and closing North American stores. William Blair has an OUTPERFORM rating on Coach, noting demand could be stabilizing.
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