Coty upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler analyst Korinne Wolfmeyer upgraded Coty to Overweight from Neutral with a price target of $10, up from $8. The analyst believes the company’s increasing exposure to China and travel retail will allow for recovery tailwinds. Coty’s greater focus on luxury and prestige beauty within both skincare and fragrance "creates margin benefit" and its repositioned consumer portfolio "has created share gains and should create a nice hedge in possible trade down scenario," Wolfmeyer tells investors in a research note.