BUZZ-Coty drops as TD Cowen downgrades to 'hold'

Reuters11-13

** Shares of CoverGirl cosmetics owner Coty fall 2% to $7.32 premarket

** TD Cowen downgrades stock to "hold" from "buy"; cuts PT to $8.50 from $11

** Says persistent weakness in drugstore channel will pressure co's sales

** Believes it will be difficult for Coty to grow given slowdown in demand for prestige fragrances as well as mass cosmetics

** Says there is risk of more cuts in co's annual forecast

** Thirteen of 21 brokerages rate the stock "buy" or higher, seven "hold" and one "sell"; their median PT is $10

** As of last close, stock down ~40% YTD

(Reporting by Aamir Sohail in Bengaluru)

((Aamir.Sohail@thomsonreuters.com;))

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