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Fly News Breaks for June 15, 2017
KATE, COH
Jun 15, 2017 | 08:08 EDT
RBC Capital analyst Brian Tunick says that the stabilization of the growth of the North American handbag market at flar to low single digit percentage growth has increased the market's visibility. He adds that last quarter was the first in over three years in which the handbag market's growth was driven by price increases. Tunick believes that Coach's (COH) acquisition of Kate Spade (KATE) will accelerate the growth of both brands through greater scale. The analyst estimates that the deal will raise Coach's EPS by 30c-40c, and he raised his price target on the shares to $50 from $45 while keeping an Outperform rating.
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