Wells Fargo Maintains Equal-Weight Rating for Coty: Here's What You Need To Know

Wells Fargo has decided to maintain its Equal-Weight rating of Coty COTY and lower its price target from $8.00 to $7.00.

Shares of Coty are trading up 2.7% over the last 24 hours, at $6.49 per share.

A move to $7.00 would account for a 7.85% increase from the current share price.

About Coty

Coty is a global beauty company that sells fragrances (59% of fiscal 2022 revenue), color cosmetics (29%), body care (7%), and skincare (5%). It licenses brands such as Calvin Klein, Hugo Boss, Gucci, Burberry, and Davidoff for its prestige portfolio. Coty's most popular color cosmetic brands are CoverGirl, Max Factor, Rimmel, Sally Hansen, and Kylie. Coty also holds a minority stake in a salon and retail haircare business, including brands Wella, Clairol, OPI, and GHD. Francois Coty founded the firm in 1904 and it remained private until its 2013 IPO. It had focused on prestige fragrances and nail salon brands until the 2016 acquisition of Procter & Gamble's beauty business. This nearly doubled the firm's revenue base, and launched it into mass-channel cosmetics and professional hair care.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Posted In: Analyst RatingsBZI-AAR-UPDATE
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