Jefferies downgraded its rating on Coach (COH) stock to "hold" from "buy" on Monday morning.

The firm says the positives it highlighted in its previous "buy" rating have now been priced into the stock. These positives included the power of the brand, the Kate Spade acquisition, and the expectation of a strongly executed turnaround.

Coach designs and sells luxury apparel, accessories, and lifestyle collections.

Shares of Coach were flat in premarket trading this morning.

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