UPDATE: Citigroup Upgrades Coty to Buy, Raises PT as Bad News is Largely Priced Into Stock

In a report published Thursday, Citigroup analyst Wendy Nicholson upgraded the rating on

from Neutral to Buy, and raised the price target from $19.00 to $22.00. In the report, Citigroup noted, “COTY's stock has fallen 9% YTD, giving back some of its late 2014 strength, as investors fear that owing to the strong dollar, consensus estimates need to come down. With the stock now trading at a compelling 18x our revised CY16 EPS estimate (2 pts lower than the HPC peer group average valuation), we feel comfortable believing the bad news is largely priced into the stock and upgrade COTY to a Buy with a $22 price target.” Coty closed on Wednesday at $18.78.