Piper Sandler said the stock is poised to benefit from several macro developments in its beauty and wellness outlook for the new year.
Beauty stock Coty could have a strong 2023, according to Piper Sandler. Analyst Korinne Wolfmeyer upgraded shares of Coty to overweight from neutral, saying in her 2023 beauty and wellness outlook that the stock is poised to benefit from several macro developments.
However, the analyst expects that increasing exposure to China and travel retail will help the stock recover, while doubling down on luxury skincare and fragrance will boost margins for the company. Meanwhile, diversifying the portfolio should protect the firm should consumers start trading down in a recessionary environment. "At a ~5-turn discount to peers and ~3.5-turn discount to 2021 average, and the progress we're seeing , we think a narrower valuation gap vs.
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