What happened 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%. So what 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. Wissink said she is also encouraged by recent "bold actions" that Coty has taken that demonstrate "a sense of urgency" to reduce risks around costs and the balance sheet. The consumer discretionary company is looking into shutting down or selling its factories and outsourcing production under an asset-light strategy designed to give it more financial flexibility during the COVID-19 crisis. Now what Jefferies is "unresolved" on whether or not the recent deals with Kylie Jenner and Kim Kardashian West will help drive a turnaround, but Wissink would much prefer to see improvement in the core brands like Rimmel and Sally Hansen. CoverGirl is one of Coty's strongest brands and continues to perform well. "We expect [near-term] fundamentals to remain weak," the analyst wrote in a research note to investors, but she still recommends that investors buy the stock for "prospects for directional improvement." 10 stocks we like better than Coty (Class A)When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Coty (Class A) wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of September 24, 2020 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source