Coty (COTY) shares tumbled 5.61% in pre-market trading on Wednesday, as investors reacted to the company's decision to cut its annual profit forecast. The beauty products manufacturer's stock price decline reflects growing concerns about its financial outlook.

The pre-market plunge came after Coty announced a downward revision of its profit expectations for the year. This unexpected move has rattled investor confidence, leading to a significant sell-off in the company's shares. The reduced forecast suggests that Coty may be facing challenges in its business operations or market conditions that could impact its financial performance.

Adding to the negative sentiment, Barclays analyst Lauren Lieberman maintained a Sell rating on Coty shares, with a price target of $4.50. This bearish stance from a major financial institution further reinforces investor concerns about the company's prospects. The combination of the profit forecast cut and the analyst's pessimistic outlook appears to be driving the sharp decline in Coty's stock price during pre-market trading.