DA Davidson analyst Linda Weiser raised the firm’s price target on Estee Lauder to $308 from $250 and keeps a Buy rating on the shares. The analyst notes the company’s Q2 earnings beat but also cites the management cutting its FY23 guidance as its expected resumption of growth is being delayed by a quarter on further reduction in Hainan travel retail inventory and potential roll-back of COVID-related supportive measures in Korea. The firm is adjusting its model with an assumption of a 45-times forward earnings multiple, up from 40-times prior, in anticipation of higher-than-normal FY24 growth for Estee Lauder.
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Read More on EL:
- 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
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- Estee Lauder price target raised to $295 from $255 at Stifel