Coty Inc. (COTY) PT Raised to $16 at Piper Sandler, Remains Top Idea, 'Setup Looks Good into Holiday'

Piper Sandler analyst Korinne Wolfmeyer raised the price target on Coty Inc. (NYSE: COTY) to $16.00 (from $15.00) while maintaining a Overweight rating.

The analyst comments "COTY remains one of our top beauty ideas, and our price target moves to $16 from $15 following management's increased 1H and FY'24 outlook and commitment to delivering on medium term financial targets. Management noted they're continuing to see strong beauty demand across all key categories, underpinning our view that the category is staying relatively resilient. Additionally, management specifically called out strength in prestige as a driver of this raised outlook, particularly the new Burberry Goddess fragrance. We feel good about this momentum continuing into the holiday season, with our conversations with management indicating persisting fragrance and broader beauty market momentum in conjunction with improved supply chain and service levels to meet the demand. Additionally, we continue to view China and mass beauty as areas of potential upside."

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