On November 13, Gelonghui reported that TD Cowen downgraded coty inc's rating from "buy" to "hold", with the target price reduced from $11 to $8.5. The analyst stated that the ongoing weakness in the pharmacy channel will put pressure on the company's sales. Given the slowdown in demand for branded perfumes and mass-market cosmetics, coty inc will find it difficult to achieve growth, and the annual forecast may be further downgraded. (Gelonghui)