Estee Lauder price target raised to $155 from $115 at Telsey Advisory

Telsey Advisory raised the firm’s price target on Estee Lauder to $155 from $115 and keeps a Market Perform rating on the shares. After several challenging quarters, the company reported better than expected Q2 results, with upside from sales, gross margin, and operating expense performance, the analyst tells investors. However, while Q2 performance was strong, the annual organic sales growth outlook was ticked downward at the high end due to continued softness in Asia travel retail and slower prestige beauty recovery in mainland China, the firm notes.