As previously reported, TD Cowen initiated coverage of Coty with a Market Perform rating and $11 price target. The firm sees “abundant growth opportunities” from Coty’s leveraging fragrance, distribution and innovation expertise, but monitors execution as Coty scales its prestige skincare and cosmetics brands that make up about 8% of sales. Coty is growing by double digits in China and travel retail, but these are “competitive avenues given the strong brand equity of legacy brands,” the analyst added.
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