Coty shares fall after withdrawing full‑year forecast under new CEO

Shares of CoverGirl parent Coty COTY.N fall nearly 8% to $2.9 in premarket

Co withdrew its full-year guidance on Thursday as it launched a strategic focus on core brands, with new interim CEO Markus Strobel calling for improved discipline and execution to turn around sluggish financial performance

J.P. Morgan maintains a "neutral" stance on the stock, acknowledged the likely increased focus on a turnaround with Markus Strobel recently appointed as Executive Chairman of the Board and CEO

"But this will likely take some time to bear fruit, especially with a deceleration in underlying category growth rates, stressed consumers and heightened promotional activity, among others,' adds J.P. Morgan

18 analysts rate the stock "hold" on average; median PT is $3.7 - data compiled by LSEG

As of last close, COTY is down ~53.6% in the past 12 months