UPDATE: Stifel Nicolaus Initiates Coverage on Coty with Hold Rating on Valuation

In a report published Thursday, Stifel Nicolaus analyst Mark Astrachan initiated coverage on

(NYSE: COTY> with a Hold rating. In the report, Stifel Nicolaus noted, “We are initiating coverage of Coty Inc. (COTY) shares with a Hold rating. We believe shares trade below an estimated high-teens fair value with strong free cash flow and management/board of directors not enough to offset valuation and modest sales growth relative to beauty peers.” Coty closed on Wednesday at $17.30.