Coty Inc. (COTY) PT Raised to $24 at BMO Capital

BMO Capital raised its price target on Coty Inc. (NYSE: COTY) to $24.00 (from $22.00) while maintaining a Outperform rating.

Analyst Shannon Coyne commented, "Excluding a one-time tax benefit, COTY printed 2Q/18 adj. EPS of $0.26, ahead of BMO/consensus of $0.23 on the back stronger-than-expected sales growth. Additionally, management raised its organic sales growth outlook in 2H/18 to positive from negative, giving us increased confidence the turnaround continues. We lowered our FY19 estimate to reflect potential dilution from divestitures; however, we are moving our target price to $24 from $22 as our confidence in the company increases, in our view justifying a higher multiple."

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