TD Cowen and Canaccord Genuity Maintain Hold Ratings on Coty Inc. (COTY)

Coty Inc. (NYSE:COTY) is one of the 12 Best American Penny Stocks to Buy Right Now. On October 20, TD Cowen reiterated its Hold rating on Coty Inc. (NYSE:COTY) with a price target of $4.

Previously, on October 17, Canaccord Genuity had also reaffirmed its Hold rating on Coty Inc. (NYSE:COTY) with a $4 price target. The research firm met with Coty Inc.’s (NYSE:COTY) CEO Sue Naby and CFO Laurent Mercier, who spoke about their focus on the company’s high-end business areas like fragrance and skin care. These segments offer better growth and profit potential.

The company’s management also talked about the recently announced strategic review of the consumer business, product range, and debt refinancing efforts. Coty Inc. (NYSE:COTY) is looking at strategic alternatives for its mass color cosmetics business and its Brazilian brands business, which is seen as very profitable.

Canaccord Genuity pointed out that Coty Inc. (NYSE:COTY) could sell some assets in the future in order to strengthen its balance sheet. The research firm believes that we could see the company sell Wella soon. However, the firm noted that the company still has work to do as it tries to reposition for profitable growth.

Coty Inc. (NYSE:COTY) is an American multinational beauty company with a portfolio of iconic brands across fragrance, color cosmetics, and skin and body care. The company serves consumers in over 130 countries and territories around the world.

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Disclosure: None. This article is originally published at Insider Monkey.