Goldman Removes Estee Lauder (EL) from Conviction Sell List; Upgrades to Neutral
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Goldman Sachs has issued a mid-day report on Estee Lauder (NYSE: EL), upgrading the stock from the dreaded Conviction Sell to Neutral.
The firm notes that Estee Lauder reported Q1 earnings which were well ahead of the company's original guidance. Goldman said its thesis (with only moderate cuts to a high fixed cost structure, margin expansion would be limited in the absence of robust sales) now appears to be wrong as margins rose 930 basis points on flat sales this quarter.
Shares of Estee Lauder are not moving on the intraday upgrade.
The Estee Lauder Companies Inc. engages in the manufacture, marketing, and sale of skin care, makeup, fragrance, and hair care products worldwide.
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