Berenberg Starts Estee Lauder (EL) at Buy
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Berenberg initiates coverage on Estee Lauder (NYSE: EL) with a Buy rating and a price target of $105.00.
Analyst Rosie Edwards commented, "We forecast top-line growth of 7.5% in 2017E-19E versus an HPC sector average of +4%. We believe this outperformance stems from the group’s exclusive premium exposure, which has enjoyed faster category growth, faced less pricing pressure and been insulated from local competition, relative to the mass segment."
Shares of Estee Lauder closed at $88.09 yesterday.
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