NEW YORK (TheStreet) -- Shares of Coach  (COH)  were gaining on heavy trading volume early-afternoon Tuesday as the company reported mixed 2017 fiscal first-quarter results, but saw a year-over-year increase in same-store sales. 

Before today's market open, Coach said first-quarter same-store sales in North America grew 2.0%, compared with a decrease of 9.5% in the same quarter last year. 

Analysts surveyed by FactSet forecast a same-store sales increase in North America of 2.2% for the most recent period. 

Stifel analysts believe the continuation of positive comps "remains believable" for Coach's North American business in 2017, according to Barron's

The firm has a "hold" rating and $38 price target on shares of New York City-based Coach. 

"We believe the market is appropriately valuing Coach's turnaround prospects," Stifel said in an analyst note, Barron's reports. "With steady comp and margin gains expected in the near term, and with valuation trending above the historical average, we believe the turnaround story is well understood by the market."

Coach backed its 2017 outlook of revenue increasing by low-to-mid single digits, which Stifel said it expects will drive shares higher. 

More than 4.94 million of the company's shares changed hands so far today vs. its average 30-day volume of 3.35 million shares per day.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

The team rates Coach as a Buy with a ratings score of B-. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, growth in earnings per share and increase in net income. Although the company may harbor some minor weaknesses, the team feels they are unlikely to have a significant impact on results.

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

COH Chart COH data by YCharts

More from Markets

Video: There Are Some Big Changes Coming to the PGA Championships in 2019

Video: There Are Some Big Changes Coming to the PGA Championships in 2019

Video: One-on-One With Pluralsight's CEO Following Its Successful IPO

Video: One-on-One With Pluralsight's CEO Following Its Successful IPO

CBS-Viacom Battle Comes to a Head; FDA Approves Novartis Migraine Drug --ICMYI

CBS-Viacom Battle Comes to a Head; FDA Approves Novartis Migraine Drug --ICMYI

Listen: Here's What You Need To Know About ETFs Today (Hint: They're on Fire!)

Listen: Here's What You Need To Know About ETFs Today (Hint: They're on Fire!)

Cramer and His Team Stick to Their Disciplines -- Even When It's Disappointing

Cramer and His Team Stick to Their Disciplines -- Even When It's Disappointing