Piper Sandler upgraded Estee Lauder to Overweight from Neutral with a price target of $114, up from $95. The firm came away from Monday’s fiscal Q4 earnings report and estimate reset “far more comfortable” with the stock’s current valuation levels. It now has stronger conviction in updated forward estimates. In addition, Estee’s management change should be viewed in positive light with the stock’s valuation that suggests limited downside, the analyst tells investors in a research note. As such, Piper sees “little reason to suggest the bear thesis could play out much further here.”
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