Berenberg Upgrades Coty Inc. (COTY) to Hold
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Berenberg upgraded Coty Inc. (NYSE: COTY) from Sell to Hold with a price target of $18.00, saying downside is more limited although it is still too early to buy.
Analyst Rosie Edwards commented, " We upgrade Coty to Hold (from Sell) after its recent share price underperformance (the shares have fallen by 25% since our initiation versus staples down by 6%). This was in part driven by disappointing Q1 2017 results; underlying top-line declines of 8% raised concerns around the group’s ability to accelerate growth and near-term headwinds have made FY20E profitability and EPS targets (19.6% EBITA margin and adjusted EPS of $1.53) harder to achieve. The downside to valuation, however, looks more limited."
Shares of Coty Inc. closed at $18.60 yesterday.
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