Coty falls after BofA downgrades to 'underperform' on slowing growth
ReutersApr 15, 2025 11:17 AM
Shares of CoverGirl parent Coty COTY.N down 4.1% at $4.98 premarket
Bank of America downgrades stock to "underperform" from "buy", cuts price objective to $4.5 from $9
Brokerage says both prestige and consumer beauty businesses of Coty are seeing slowing growth
"Expect headwinds in consumer beauty given a broader mass slowdown, as well as in fragrance or prestige beauty given concerns about broader global economic weakness," BofA says
Adds areas expected to drive growth, such as skincare and China, have been slower than initially expected
Stock has fallen more than 25% this year
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