** Brokerage Jefferies cuts PT on CoverGirl parent Coty COTY.N and cosmetics retailer Ulta Beauty ULTA.O, says e-commerce companies are winning market share
** Cuts Coty's PT to $7 from $8; shares down as much as 1.6%
** Slashes Ulta's PT to $334 from $354; says co is losing offline retail market share to Sephora due to its more upmarket offerings, appeal to young shoppers
** Notes Amazon has been the biggest winner within beauty, taking market share from Ulta, Sally Beauty SBH.N and Build-A-Bear BBW.N
** Sees TikTok Shop to evolve into a key beauty marketplace, given its proximity to product discovery and affiliate-linked content
** However, sees makeup company Elf Beauty ELF.N being relatively well-positioned for shift to digital, given co-owned website, early social media adoption and minimal exposure to department stores
** Including session moves, ULTA and COTY has fallen 15% and 22% respectively, YTD
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com;))
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