Wells Fargo Starts Coty (COTY) at Market Perform

July 23, 2013 8:05 AM EDT Send to a Friend
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Price: $22.69 -0.22%

Rating Summary:
    8 Buy, 7 Hold, 0 Sell

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Today's Overall Ratings:
    Up: 7 | Down: 23 | New: 27
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Wells Fargo initiated coverage on Coty Inc. (NYSE: COTY) with a Market Perform rating and a price target of $16-$18.

Analyst Timothy Conder said, "Coty has a broad portfolio of company-owned and licensed brands, with a strong management team and a very experienced board of directors, in our view. Expansion in D&E markets should result in modest organic sales growth, while various initiatives (supply chain savings, SAP, the 2013 restructuring program) should generate operating margin expansion, resulting in solid free cash flow. However, we expect EPS growth and ROIC will lag competitors over the next few years and believe multiple expansion from current levels will be limited."

For an analyst ratings summary and ratings history on Coty Inc. (NYSE: COTY) click here. For more ratings news on Coty Inc. click here.

Shares of Coty Inc. closed at $17.08 yesterday.

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