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Why Coty Stock Jumped Today

TheMotleyFool

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Shares of Coty (NYSE: COTY) jumped by as much as 10% today after getting an upgrade from Wall Street. As of 12:30 p.m. EDT on Wednesday, the stock was up by 6%.

Jefferies upgraded its rating on Coty from hold to buy while assigning a price target of $4, which represents approximately 32% upside from Tuesday's close. Analyst Stephanie Wissink believes that Coty's new CEO will provide "needed depth of industry expertise." The beauty products company appointed industry vet Sue Nabi, previously an executive at L'Oreal, as CEO in July.

Image source: Getty Images.

Source Fool.com

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