Citi Reiterates 'Buy' on Estee Lauder (EL), Raises Price Target After Impressive Meeting with CEO
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Citi reiterates a 'Buy' rating on Estee Lauder (NYSE: EL) and increases price target from $54 to $60.
Citi analyst says, "Earlier this week, we attended a small group luncheon hosted by CEO apparent Fabrizio Freda and CFO Rick Kunes. While our initial impressions of Freda have certainly been positive, we came away from this luncheon feeling even better about Freda's leadership ability and the likelihood that he will succeed in effecting real change at EL. While we eagerly await specific details from Freda about the initiatives he will pursue, and their targeted net benefit to the company, we nonetheless feel very encouraged about the progress he has made so far in identifying both the challenges and opportunities that EL faces. To us, Fabrizio Freda seems like a very thoughtful, smart and personable addition to the EL management team."
The Estee Lauder Companies Inc. is a manufacturer and marketer of skin care, makeup, fragrance and hair care products.
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