Coach gets beat up some more

|By:, SA News Editor

Coach (COH -3.8%) trades lower after Sterne Agee takes a dour view on the luxury retailer.

The investment firm takes its rating down to Neutral from Buy and drops its price target by $10 to $41 off of concerns the brand has been tarnished.

An early check on Q2 sales trends doesn't indicate a large turnaround is in place, notes Sterne Agee.

Shares of Coach are down 31% YTD.