Stephens analyst Rick Patel said that given the slowdown in the handbag category, volatility in China, and the fact that Coach continues to lose market share as it executes its turnaround, he is taking a "more conservative approach" to his estimates for Coach and lowered his price target on the share to $33 from $40 accordingly. Patel keeps his Equal Weight rating on Coach shares. Note that Oppenheimer said in its own note to investors this morning that after meeting with Coach's CEO the firm predicts that the company's comps will reach a positive turning point in Q2.