Coty upgraded to Outperform from Market Perform at TD Cowen

TD Cowen upgraded Coty to Outperform from Market Perform with a price target of $16, up from $13, after speaking with the company’s Chief Brands Officer of Consumer Beauty, Stefano Curti. Coty is seeing solid fragrance momentum as new generations embrace fragrances in different ways and has premiumization opportunities across geographies and categories, the analyst tells investors in a research note. The firm also highlights the company’s margin expansion potential versus peers, driven by higher prestige and Asia penetration and ongoing cost saving initiatives.