Coty Poised For Continuous Growth: Analyst Anticipates Third Year Of Surging Sales And EBITDA
Portfolio Pulse from Shivani Kumaresan
DA Davidson analyst Linda Bolton Weiser reiterated a Buy rating on Coty Inc (NYSE:COTY) and raised the price target from $15 to $17. Coty reported Q1 FY24 sales growth of 18% YoY to $1.64 billion, beating the consensus estimate of $1.58 billion. E-commerce sales were up more than 25% YoY. Coty issued 33 million shares to facilitate ownership by European investors and build liquidity in Europe. The company expects to repurchase 27 million shares in Q3. FY24 is expected to be the third consecutive year of double-digit organic sales growth and EBITDA growth of 8% or higher.
November 08, 2023 | 8:16 pm
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POSITIVE IMPACT
Coty's Q1 FY24 sales growth and the raised price target by DA Davidson analyst could positively impact the company's stock. The company's plan to repurchase shares could also boost investor confidence.
Coty's better-than-expected Q1 FY24 sales growth and the raised price target by DA Davidson analyst indicate a positive outlook for the company. The plan to repurchase shares shows the company's confidence in its stock, which could boost investor confidence and potentially drive the stock price up.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100