Coty double downgraded to Underperform at BofA on slowing momentum

As previously reported, BofA double downgraded Coty (COTY) to Underperform from Buy with a price target of $4.50, down from $9. While Coty has been able to capitalize on strength in Prestige fragrance for the past several years, the firm has tempered expectations due to global market share declines and concerns about consumer spending weakness, adding that it sees a lower valuation for both the Prestige and Consumer Beauty businesses due to slowing growth.