As previously reported, Morgan Stanley analyst Dara Mohsenian upgraded Coty (COTY) to Overweight from Equal Weight, pointing out that this is the first time the firm has had an Overweight rating on the stock since the company's 2013 IPO. Following four sell-side downgrades in the last two weeks and the stock's 40% year-to-date decline, Mohsenian now sees the risk/reward as "compelling," he tells investors. The analyst sees improving visibility that Coty can return to steady topline growth and sees upside to adjusted consensus EBIT in FY19 and FY20, while also believing that JAB may increase its stake post the two-year lock-up restriction. Mohsenian, however, trimmed his price target on Coty shares to $14.50 from $17.00. He also upgraded beauty industry peer Estee Lauder (EL) to Overweight from Equal Weight this morning.