Berenberg Starts Coty Inc. (COTY) at Sell
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Berenberg initiates coverage on Coty Inc. (NYSE: COTY) with a Sell rating and a price target of $23.00.
Analyst Rosie Edwards commented, "We are cautious about top-line growth, which is critical for share price outperformance: Coty and P&G have separately been losing share, both reporting negative organic top-line growth. We don’t believe Coty’s exposure to growth will change materially following its acquisition of P&G’s beauty portfolio with a slightly more favourable geographic mix (higher EMs) offset by a weaker category mix (inclusion of hair). We, therefore, have factored in only modest improvements (to c1% by FY19E). This will be offset by portfolio rationalisation, focused on fragrances, with management signalling that 6-8% of the business will be discontinued."
Shares of Coty Inc. closed at $24.78 yesterday.
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