Coach's analyst and investor day on Thursday failed to impress Wall Street, including top-rated analyst Corinna Freedman of Wedbush Securities.
Freedman, who attended the event, told CNBC's "Fast Money" that she's unconvinced the struggling handbag maker will put together a successful turnaround.
"It remains to be seen whether or not that customer is going to come back to the store," said the footwear, apparel and accessories analyst. "They are relying a lot on merchandising. They are relying a lot on new products in September. But, that's not going to be a quick turn. It's going to be a very long turn."
When asked about whether Coach could be a leveraged buyout candidate, Freedman, who has a "neutral" rating and a $40 price target on the stock, said she doesn't think it would make strategic sense because it's such a large company.
Shares of Coach fell about 9 percent Thursday to close at $35.69.