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Fly News Breaks for July 2, 2019
COTY
Jul 2, 2019 | 05:31 EDT
Citi analyst Wendy Nicholson downgraded Coty to Sell from Neutral and lowered her price target for the shares to $10 from $14. The company's turnaround plan laid out by management yesterday will take more time to have impact on the business than some investors expect, Nicholson tells investors in a research note. She points out that Coty expects to have virtually no revenue growth between now and fiscal 2023. The copay also pushed out its expectation for reaching $1B in free cash flow from fiscal 2020 to fiscal 2023, adds the analyst. Nicholson cautions, however, that if Coty's turnaround plan does not take hold, it is possible JAB could decide to take the company private.
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