Coty inches up after Piper Sandler upgrades to 'overweight'

Interparfums

03/01/2023 15:40

(Updates)
    ** Shares of cosmetics maker Coty Inc  COTY.N  up 1.3% at
$8.68 in morning trade
    ** Piper Sandler upgrades COTY to "overweight" from
"neutral", raises PT to $10 from $8
    ** Brokerage says industry themes and macro environment bode
well for COTY for the next 12 months
    ** Says COTY is working to benefit from recovery tailwinds
in China, along with growing the Orveda brand in the country
    ** "With consumers starting to think about at-home or
non-invasive alternatives to more intense and professional level
skincare treatments, co is capitalizing on this opportunity and
viewing skincare as a big long-term play" - Piper Sandler
    ** Brokerage also raises PT on Estee Lauder Companies Inc
 EL.N  to $290 from $255; says recent loosening of zero-COVID
policy in China is a positive sign for recovery
    ** For e.l.f. Beauty Inc  ELF.N , brokerage notes it is best
positioned for a trade-down scenario; raises PT to $64 from $55
    ** Piper Sandler ups Inter Parfums Inc's  IPAR.O  PT to $115
from $108, also raises Bath & Body Works Inc  BBWI.N  to $52
from $50 
    ** COTY, EL, IPAR and BBWI fell between ~10% to ~40% in
2022, while ELF rose ~67% 
 (Reporting by Aniruddha Ghosh and Granth Vanaik in Bengaluru)
 ((Aniruddha.Ghosh@thomsonreuters.com; 91 83 83 81 2416;))