TD Cowen downgraded Coty (COTY) to Hold from Buy with a price target of $8.50, down from $11. While Coty has a unique business and platform with opportunities to grow mass and prestige fragrance, and skincare, TD Cowen is moving to the sidelines and feels shares could be range bound in the near-term given the slowdown in U.S. mass beauty and the potential for prolonged pressure at the U.S. drug channel, as well as China and travel retail challenges, the analyst tells investors in a research note. The firm remains encouraged by Coty’s attractive free cash flow profile, but sees risks for additional negative guidance revisions.
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Read More on COTY:
- Coty downgraded to Hold from Buy at TD Cowen
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- Coty price target lowered to $9 from $12 at Morgan Stanley
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