Coty price target lowered to $8 from $10 at Canaccord

Canaccord lowered the firm’s price target on Coty (COTY) to $8 from $10 and keeps a Buy rating on the shares. The firm noted its results management called out normalizing beauty demand but increased pressure from China, Asia travel retail, Australia, and US consumer beauty. Importantly, Coty did not see retailers start to replenish in the quarter despite healthy sell outs, particularly within the prestige fragrance category.