Natura &Co price target lowered to $7 from $9 at JPMorgan

JPMorgan analyst Joseph Giordano lowered the firm’s price target on Natura &Co to $7 from $9 and keeps an Overweight rating on the shares. The analyst baked into estimates more details around the first Wave 2 results as well as stronger headwinds from the Argentine Peso and higher cost of equity. However, the firm still sees Natura &Co as a “compelling investment case” that combines lower than average dependency on macro environment to deliver the expected results and potential positive catalysts beyond operations with the TBS sale and extraordinary dividends.