Why Estee Lauder Stock Was Smelling Sweet This Week
A beaten-down stock for much of this year, in recent days Estee Lauder (NYSE: EL) has been staging a bit of a comeback. According to data compiled by S&P Global Market Intelligence, the well-known cosmetics company's share price had risen by 13% week to date as of early Friday morning. In retrospect that wasn't all too surprising -- after all, an analyst raised his recommendation to buy during the week.
That analyst is Fulvio Cazzol from Berenberg, who on Wednesday upgraded his estimation on Estee Lauder to buy from neutral. He also slapped a $243-per-share price target on the storied cosmetics purveyor, which implies potential upside of almost 22% on the current level of the stock.
Cazzol's revised view is based on both the share price decline (the stock had been down by 27% year to date) and a rise in the consensus analyst earnings estimate. This puts it in buy territory, in his estimation.
Source Fool.com
