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Fly News Breaks for August 17, 2018
COTY
Aug 17, 2018 | 08:41 EDT
RBC Capital analyst Nik Modi kept his Outperform rating and $23 price target on Coty ahead of its earnings, saying that while his checks do not suggest a "blow out quarter", he believes the selloff in the stock price is overdone. The analyst states that the 45% year-to-date underperformance for Coty relative to the market has taken its valuation multiple to 15-times earnings, or a "10-turn discount to February highs". Given the early signs of improvement observed in his study of Cover Girl relaunch, Modi says the current levels suggest the risk/reward skew on Coty is positive.
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