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NEW YORK (TheStreet) -- Cantor Fitzgerald lowered its price target on Coach  (COH) stock to $32 from $33 on Wednesday, while maintaining its "hold" rating.

The New York City-based accessory company reported fiscal 2016 first quarter earnings before the market open yesterday. Coach reported earnings of 41 cents per share, higher than analyst estimates of 39 cents per share. 

The company reported earnings of $1.03 billion, lower than analyst estimates of $1.04 billion.

Cantor Fitzgerald analysts said Coach's first quarter earnings were below their earnings estimate of 48 cents per share.

"We believe the company faces ongoing headwinds in its attempts to revive its brand while the competitive environment continues to intensify," Cantor Fitzgerald said. The firm lowered its fiscal 2016 earnings estimate to $1.90 from $2.02 per share.

Shares of Coach were down 2.91% to $30.73 in early afternoon trading on Wednesday. 

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Separately, TheStreet Ratings team rates COACH INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate COACH INC (COH) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and disappointing return on equity.

You can view the full analysis from the report here: COH

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