Coty Inc. (NYSE: COTY) shares are soaring 5.12% in pre-market trading on Friday, defying a wave of analyst downgrades and price target cuts. The beauty company's stock is showing resilience in the face of what appears to be negative sentiment from Wall Street.
Several major financial institutions have lowered their outlook on Coty. Jefferies downgraded the stock from Buy to Hold and cut its price target from $6 to $4. Bank of America Global Research, Barclays, TD Cowen, Canaccord Genuity, and Wells Fargo all reduced their price targets, with new targets ranging from $3.50 to $4.00. Despite these bearish signals, investors seem to be finding reasons for optimism in Coty's prospects.
The sharp contrast between the stock's performance and analyst sentiment suggests that investors may be seeing potential upside that analysts are currently overlooking. It's possible that the market is anticipating positive news or developments from Coty that could offset the concerns raised by analysts. As the trading day progresses, market participants will be closely watching for any additional news or company statements that could explain this unexpected surge in Coty's stock price.
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