Coty downgraded to Hold from Buy at Jefferies

Jefferies analyst Ashley Helgans downgraded Coty to Hold from Buy with a price target of $14, down from $16. With the shares up 45% year-to-date, Coty’s risk/reward is more balanced, the analyst tells investors in a research note. The firm says the company’s’ premium fragrance growth is slowing, headline risk remains around its key licenses, and the skincare catalyst will be challenged by trade-down and a cycle shift to makeup.