COTY price target lowered to $1.50

What happened: Deutsche Bank and Bank of America (BofA) lowered their price targets on Coty Inc. (NYSE:COTY) to $2 and $1.50, respectively, in March 2023. Deutsche Bank cited increasing pressures across the consumer packaged goods sector, while BofA reduced estimates due to sales weakness tied to the Middle East conflict. Meanwhile, Coty Inc. confirmed it's not selling its prestige brands as part of its strategic review.

Market impact: The price target cuts and strategic review news impacted Coty Inc. shares, affecting investors in the consumer goods and beauty sectors. The Middle East conflict's impact on sales also raised concerns about geopolitical risks affecting multinational companies.

What to watch next: Coty Inc.'s Q4 FY2023 earnings report on May 31, 2023, will provide insights into the company's performance and strategic review progress. Additionally, developments in the Middle East conflict and its impact on Coty's sales will be crucial to monitor.