UPDATE: BTIG Research Initiates Coverage On Coty Nearing Inflection Point

In a report published Wednesday, BTIG Research analyst April Scee initiated coverage on

with a Buy rating and $23.00 price target. In the report, BTIG Research noted, “Nail inflecting & Fragrance should inflect next 12-18mo, aided by launches and Avon relationship. We assume Dec-Q/1H15 remains soft; however, in 2H15, we see top-line growth return, aided by aggressive innovation, increased marketing & continued EM expansion. Further, we're likely to see meaningful M&A and/or efficiency benefits next 12 months, giving sufficient support to buy at current levels. Initiate with Buy/$23 tgt.” Coty closed on Tuesday at $19.13.