Coty price target lowered to $13 from $14 at Raymond James

Raymond James lowered the firm’s price target on Coty to $13 from $14 and keeps an Outperform rating on the shares. Coty announced weaker than expected preliminary results ahead of Tuesday’s management meeting, with Q1 like-for-like sales up 4%-5% vs. the going-in estimate of 6%, and EBITDA flat to modestly lower year over year, driven by weakness in mass beauty as well as slower replenishment orders by retailers, the analyst tells investors in a research note. The firm expects strength in Prestige and lower exposure to China to position the company better vs. its peers to weather near-term storms.