Coty Inc. stock rose 1.9% in Friday premarket trading after the beauty company was upgraded to buy from neutral at D.A. Davidson. Analysts maintained their $11.50 price target. D.A. Davidson cites market share gains for the CoverGirl cosmetics brand and Sally Hansen nail brand along with steep share declines since a November meeting with Chief Executive Sue Nabi for the rating change. Coty stock has slumped 14.6% over the past month, but shares have rallied 25.4% over the past year. The S&P 500 index is down 3.6% over the last month. Analysts also note the launch of Kylie Skin, a Kylie Kardashian line, is off to “a good start.” KKW Beauty, a line from Kylie’s sister Kim, will launch in the second half of 2022. Other brands, both in the U.S. and in China are also “yielding promising results.”
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