Coty initiated with an Outperform at Exane BNP Paribas

Exane BNP Paribas initiated coverage of Coty with an Outperform rating and EUR 13.50 price target. The company’s return to steady sales growth, along with good savings potential, should help it “bridge the margin gap” versus peers, the analyst tells investors in a research note. The firm notes Coty shares trade at a 30% discount to peers.