Coty initiated with a Buy at Canaccord

Canaccord initiated coverage of Coty with a Buy rating and $14 price target. The analyst believes Coty can outpace growth in the total market and has multiple levers to achieve this in the long term. Despite concerns around an overall slowdown in the beauty market in the U.S., Coty can outperform due to significant whitespace growth opportunities, exposure to high-growth global beauty markets, and strong brands keeping consumers interested, the analyst tells investors in a research note.