UPDATE: Estee Lauder (EL) PT Raised to $355 as Oppenheimer Reiterates Top Pick Designation

Oppenheimer analyst Rupesh Parikh raised the price target on Estee Lauder (NYSE: EL) to $355.00 (from $330.00) noting the company is well positioned to benefit from the new ULTA and Sephora partnerships.

The analyst reiterated an Outperform rating, believing that with the full ramp of ULTA/TGT and KSS/Sephora, the two partnerships could add >1,000 net stores to distribution. She stated "Over the years, a key challenge for EL in the US has been the company's exposure to the department-store channel. We remain optimistic that improving innovation in the makeup category and a stronger US brick & mortar footprint will eventually drive a sustained turn in EL's US prospects. We are lifting our PT to $355 from $330 primarily reflecting our increased confidence in the company's delivery and a re-rating higher of the space. EL remains a top-pick for us."

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