Deutsche Bank analyst Steve Powers upgraded Estee Lauder to Buy from Hold with a price target of $266, up from $209. The analyst sees increased likelihood of China reopening by the start of Estee’s fiscal 2024 and has increased confidence in its makeup margin expansion. Although the company is likely to face challenges over the next several quarters, such difficulties as well-telegraphed by its recent guidance, Powers tells investors in a research note. Moreover, recent developments in China "give more credibility to category resurgence in that market" by the second half of 2023, says the analyst.
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