Estee Lauder upgraded to Buy from Hold at Berenberg

Berenberg analyst Fulvio Cazzol upgraded Estee Lauder to Buy from Hold with a $243 price target, which implies 35% upside to the stock. Following the stock’s 27% selloff since the start of 2023 and a 16% rebase of consensus earnings expectations, Estee offers an attractive buying opportunity for investors, the analyst tells investors in a research note. The firm expects an inflection in organic sales growth to 16% in fiscal 2024 and a return to the company’s medium-term earnings growth algorithm from fiscal 2025. It sees an attractive risk/reward profile at current share levels.