TD Cowen initiated coverage of Estee Lauder with an Outperform rating and $28 price target. The company’s "iconic" brand portfolio, geographic and category diversification, and "deep" customer loyalty drive stable high single digit sales growth, the analyst tells investors in a research note. The firm believes Estee Lauder should accelerate appeal to younger consumers through a connected, sustainable, wellness oriented, and authentic experience. The China economic inflection is also a near-term catalyst, it adds.
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