After meeting with Coach's (COH) CEO, Oppenheimer analyst Anna Andreeva wrote that the company is in good position heading into the second quarter of its fiscal year and could raise fiscal 2017 guidance. Coach develops and sells upscale accessories.

OUTLET SUCCESS: Coach is "back on offense" in outlet stores, according to Andreeva. The company is "winning" in outlets due to its improved products and partnerships that are producing innovations, such as its new Pac-Man handbags, the analyst stated.

OTHER CATALYSTS: Coach's overseas sales should be boosted by brand innovations, as its brand elevation strategy that has been successful in the U.S. will soon be implemented in international locations, according to Andreeva. Additionally, Coach still can grow significantly in China and Europe, she wrote. Meanwhile, Coach's stepped up efforts to provide "gifting" materials during the upcoming holiday season, along with its assortment elevation strategy, should boost its holiday sales, Andreeva believes.

EARNINGS OUTLOOK, TARGET: Coach's margins should rise going forward, enabling its earnings per share to reach about $3 "at some point," the analyst stated. She kept a $50 price target on the name.

OTHERS TO WATCH: Michael Kors (KORS) and Kate Spade (KATE) also sell upscale accessories.

PRICE ACTION: In late morning trading, Coach slipped 0.4% to $36.12. Since the company's Q1 earnings report a week ago, the stock has risen about 1%.