Credit Suisse analyst Michael Binetti raised the firm’s price target on Estee Lauder to $305 from $215 and keeps an Outperform rating on the shares. The firm notes that the majority of the cut to Q3 and full year 2023 guidance was due to a delayed reopen in Chinese travel, and says it would look past it. The key reason to own Estee Lauder in the near-term is for how sensitive EPS is to Chinese travel, and Q2 results reinforce exactly how sensitive this model is to travel-and serve as a reminder of how significant the upside will be with Chinese travel now resuming, Credit Suisse argues.
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Published first on TheFly
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- Estee Lauder price target raised to $300 from $290 at Deutsche Bank
- Estee Lauder price target raised to $308 from $250 at DA Davidson
- Estee Lauder sees FY23 adjusted EPS $4.87-$5.02, consensus $5.35
- Estee Lauder sees Q3 adjusted EPS 37c-47c, consensus $1.77
- Estee Lauder reports Q2 diluted EPS $1.09, consensus $1.30