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Coach to rally 18% on a sales recovery: Baird

Coach handbags on display in Macy's, New York City.
Scott Mlyn | CNBC

Baird raised its rating for Coach to outperform from neutral, citing survey results that showed a potential sales turnaround.

"Our Q3 consumer handbag survey, which we believe may be an early indicator of strengthening demand in the outlet channel, is the catalyst for our upgrade today," Baird's Mark Altschwager wrote in a note to clients Monday. "We believe our survey points to stronger purchase intent for Coach — especially in the outlet channel — adding confidence to the sustainability of Coach's comp recovery."