Coty price target lowered to $12 from $13 at Citi

Citi lowered the firm’s price target on Coty to $12 from $13 and keeps a Neutral rating on the shares. The company reported solid fiscal Q4 results and introduced fiscal 2024 guidance, which was largely in line with expectations and consistent with the medium-term outlook, the analyst tells investors in a research note. The firm believes Coty continues to execute well, with continued momentum in the prestige fragrance category and improvement in sales trends in consumer beauty, aided by pricing. However, it is more cautious on the long-term sustainability of the prestige fragrance category momentum.