Estee Lauder price target raised to $300 from $245 at Oppenheimer

Oppenheimer analyst Rupesh Parikh raised the firm’s price target on Estee Lauder to $300 from $245 and keeps an Outperform rating on the shares. For the quarter, the analyst expects "one last softish delivery" driven by continued COVID-19 headwinds weighing disproportionately on the company’s mainland China business. However, with easing COVID-19 restrictions in China and loosening of travel restrictions, along with a weakening U.S. dollar, Parikh now believes Estee Lauder is positioned for a powerful sales and EPS recovery. Estee Lauder remains a top-pick for the analyst, who believes the missing ingredients are finally coming into place to drive sustained sales and profit growth.