Goldman Sachs analyst Bonnie Herzog lowered the firm’s price target on Coty (COTY) to $6 from $8 and keeps a Neutral rating on the shares. The company reported Q3 results that reflected weaker than expected organic like-for-like sales trends, offset by lower SG&A spend, that fueled a slight beat on operating margins, the analyst tells investors in a research note. During the quarter, weakness in prestige makeup as well as continued weakness in mass color cosmetics weighed on topline results, the firm adds.
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