Coty slips after lower Q1 sales growth forecast as US mass market business slows
** Shares of CoverGirl parent Coty COTY.N down nearly 3% at $8.91 premarket
** Coty after market close on Monday forecast Q1 like-for-like (LFL) sales growth below its prior forecast due to a slowdown in the U.S.
** "We suspect that mass market cosmetics business was the main drag on sales, given weak demand from distressed lower-income consumers in the U.S. and troubles at some drugstore chains" - Morningstar analyst Dan Su
** Company expects Q2 LFL sales to grow moderately
** Brokerage JP Morgan trims PT on stock to $10 from $11; says lower Q2 forecast puts pressure on business to perform in H2
** Coty scheduled to report Q1 results on Nov. 6
** As of last close, stock down 26% YTD
Reporting by Savyata Mishra in Bengaluru
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