Estee Lauder (EL) PT Raised to $410 at Oppenheimer, Remains Top Pick

Oppenheimer analyst Rupesh Parikh raised the price target on Estee Lauder (NYSE: EL) to $410.00 (from $355.00) while maintaining an Outperform rating and maintaining its Top Pick designation for 2022 saying it is well-positioned to continue navigating the dynamic beauty backdrop.

The analyst commented, "In 2021, EL shares increased 39% outperforming a 27% gain in the S&P 500. With shares exceeding our prior $355 PT, we spent time re-evaluating the upside case over the next 12-18 months. We are reiterating EL as a top pick and lifting our PT to $410 from $355. We believe the company remains uniquely positioned within CPG land to deliver attractive levels of both top and bottom-line expansion in a historically growth-challenged CPG universe. Beauty remains our top vertical entering 2022, and we see continued recovery potential as consumer behavior gradually normalizes. EL, SBH, and ULTA continue to rank as our top beauty picks into 2022, and we would expect volatility to persist, especially with recent COVID-19 developments. We would take advantage of dips along the way."

You May Also Be Interested In

• Novo Nordisk (NOVOB:DC) (NVO) PT Raised to DKK304 at Goldman Sachs
• Datadog (DDOG) PT Lowered to $245 at Stifel
• Avis Budget Group (CAR) PT Lowered to $125 at Susquehanna