Estee Lauder (EL) PT Lowered to $99 at JPMorgan

JPMorgan analyst Andrea Teixeira lowered the price target on Estee Lauder (NYSE: EL) to $99.00 (from $101.00) while maintaining a Overweight rating.

The analyst comments "We maintain our EL rating of Overweight. Despite the challenges that COVID-19 posed to Estee Lauder’s travel retail and bricks & mortar in Asia and continues to be weak despite travelers returning, we believe the turn-around in the Profit Recovery and Growth Plan (PRGP) and a brand new management team will alleviate these concerns over time. Although we note there is no visibility on recovery timeline, the company’s recent efforts have shown some positive results including market share gains in its biggest markets (China, Japan and the U.S. in the U.S. in 2HFY)."

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