BMO Capital analyst Shannon Coyne lowered her price target on Coty to $18 after its Q3 results, saying that while earnings topped consensus thanks to stronger than expected sales in the Luxury segment, she sees Consumer Beauty business remaining weaker than anticipated. The analyst also lowered her FY19 EPS view to 86c from $1.00. Longer term, Coyne keeps her Outperform rating on Coty, stating that risk-reward on the shares is favorable as the management builds a "more focused organization closer to the customer while also digitally transforming the company."