Estée Lauder (EL): Mixed Sentiment Into FQ4 Report - Piper Jaffray
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Piper Jaffray analyst, Stephanie Wissink, reiterated her Overweight rating on shares of Estee Lauder (NYSE: EL) but recognizes that conditions and sentiment leading into next week's report are more mixed than is typical.
She hosted a bull/bear discussion with a group of investors and sees points of validation for both optimism and caution. Survey and sales data points surrounding MAC imply signs of maturation domestically. That brand is the largest in the portfolio and by her estimates, has accounted for nearly half of the company's 6-8% annual growth rate.
She is positive on the Leading Beauty Forward initiative, but a view exists that unlocking more dollars for brand investment is necessary to remain competitive, especially in make-up. Macy's 100 door closures may also create order book disruption. All told, she thinks shares are pricing in a continued 6%+ growth and any signs of change may create near term volatility.
No change to the price target of $100.
Shares of Estee Lauder closed at $92.53 yesterday.
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