US cosmetic group top gainer in S&P 500

Dhaka,  Thu,  29 June 2017
Published : 13 Jun 2017, 14:20:13
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US cosmetic group top gainer in S&P 500

Coty, the US cosmetics group, whose brands include Rimmel, Calvin Klein, and Davidoff, was the among the day’s top gainers on the S&P 500, reports a global media Tuesday.

The shares rose as much as 4.9 per cent - their biggest one day advance in a month - to $19.66 after Société Générale initiated coverage of the stock with a “buy” recommendation.

SocGen analyst Chas Manso de Zuniga reckoned Coty could trade at $21 within a year, implying a 12 per cent gain on last Friday’s close. Including SocGen, Coty now has three buy recommendations, 9 holds and 2 sell, according to Bloomberg data.

The note from SocGen provided a much-needed boost to Coty, which despite yesterday’s gain has seen its shares shed more than 27 in the past 12 months. This has reflected integration of the beauty business it acquired from Procter & Gamble last year for $12.5bn proving more complicated than expected.

While the acquisition has catapulted Coty from the world’s seventh-largest cosmetics group to the third, the deal came at a time of fierce competition in the mass beauty and personal care industry.

- SZ
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