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.

About Analyst Ratings

Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.

Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.

If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along with analyst success scores in Benzinga Pro.

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