Stifel Reiterates Buy on Estée Lauder (EL) Following 4Q EPS Beat
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Stifel reiterated a Buy rating and $105.00 price target on Estee Lauder (NYSE: EL) following the company's 4Q earnings report. EL reported EPS at $0.43, beating the consensus estimates by $0.03. Adjusted sales growth of 7% was approximately inline with year-to-date results, with the 2-year CAGR also in line with 7% full-year levels.
Analyst Mark Astrachan commented, "Estée Lauder Companies reported F4Q16 (June) results with EPS of $0.43, compared to consensus of $0.40. The beat was driven by SG&A expense leverage, while constant currency sales growth of 7% was at the low-end of company expectations. The company issued first-time F2017 constant currency sales and EPS expectations of 6%-7% and 8%-10%, respectively, while reiterating 6%-8% and double-digit long-term objectives, respectively. For F1Q17, the company anticipates constant currency sales growth and EPS below consensus, 2%-3% and $0.73-$0.77, compared to consensus of ~4%-5% and $0.90, respectively."
Shares of Estee Lauder closed at $95.10 yesterday.
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