Piper Sandler lowered the firm’s price target on Coty (COTY) to $8 from $9 and keeps an Overweight rating on the shares. Softness in North America mass cosmetics, China, and Asia Travel Retail are continuing, but some of this seems more transitory, and management’s medium-term outlook remains intact, the firm says. Additionally, investments and recent developments in fragrance are encouraging, and an eventual Wella divestiture could provide meaningful TSR that doesn’t seem baked in yet, Piper adds.
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