Citi upgraded Coty (COTY) to Buy from Neutral with a price target of $8, up from $7. The firm believes the weakness in Consumer Beauty and normalization in Prestige have been largely reflected in estimate revisions and the stock underperformance. Addition, Citi sees a “large value-unlock opportunity” with the potential sale of Coty’s Wella stake, which the company targets by the end of 2025. Coty’s lowered medium-term targets reduce risk with a potential sell-in reacceleration as retailer inventory levels normalize, the analyst tells investors in a research note.
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Read More on COTY:
- Coty price target lowered to $8 from $9 at Piper Sandler
- Coty’s Strategic Focus and Diversification Drive Positive Buy Rating Amidst Challenges
- Coty price target lowered to $6.70 from $8.30 at TD Cowen
- Coty’s Hold Rating: Navigating Near-Term Challenges with Stable Valuation and Revised Price Target
- Coty price target lowered to $7 from $9 at Morgan Stanley