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Looking Forward: Estee Lauder as a Top Pick

  • Oppenheimer & Co. Inc.
  • April 28, 2021
The Longer-Term Estée Lauder Bull Case Continues to Strengthen

With Estée Lauder shares approaching our $300 PT, Oppenheimer analysts spent time revisiting their views.

Women purchasing make up.

Since their upgrade note titled, 'EL Shares Again Positioned for Outperformance; Upgrading to Outperform' (8/13/20 at $211.50), the sales recovery off Q420 (Jun. 2020) lows has been much more powerful than they expected, even with severe COVID-19 headwinds in a number of key geographies. Analysts believe the performance is due in large part to strong execution by the management team led by CEO Fabrizio Freda.

Looking forward, Oppenheimer analysts still see a very favorable setup driven by pent-up demand in the makeup category, easing upcoming comparisons, and intact top-line drivers (skincare, China, online, and innovation). We are reiterating Estée Lauder as a top pick and raising our PT to $330.

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