Coty Inc. COTY reported mixed fourth-quarter earnings, while sales topped estimates.
Coty reported fourth-quarter FY23 sales growth of 16% year-on-year to $1.35 billion, beating the consensus of $1.31 billion. Adjusted EPS was $0.01, missing the analyst consensus of 0.02.
Coty targets total FY24 adjusted EPS, excluding equity swap, of $0.44-$0.47, which implies 16%-25% Y/Y growth (Street View: $0.48). The company expects the core business to grow at the top of its medium-term target range of 6-8% LFL.
Coty shares fell 2.3% to close at $10.72 on Tuesday.
These analysts made changes to their price targets on Coty following earnings announcement.
- Citigroup cut the price target on Coty from $13 to $12. Citigroup analyst Filippo Falorni maintained a Neutral rating.
- Wells Fargo lowered the price target on Coty from $12 to $11. Wells Fargo analyst Chris Carey maintained an Equal-Weight rating.
- Morgan Stanley raised the price target on Coty from $11.5 to $12.25. Morgan Stanley analyst Dara Mohsenian maintained an Equal-Weight rating.
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