UPDATE: Deutsche Bank Downgrades Estee Lauder (EL) to Hold
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(Updated - August 2, 2021 7:23 AM EDT)
Deutsche Bank analyst Steve Powers downgraded Estee Lauder (NYSE: EL) from Buy to Hold with a price target of $322.00.
The analyst commented, "Valuation/FY4Q21 setup no longer offer positive risk/reward; Downgrade to Hold. We adjust our estimates modestly for FX fluctuations and slightly higher developed market/makeup expectations in the near-term (mainly in the US alongside recent vaccination progress); however, our estimates go largely unchanged, as does our Price Target (now $322, up from $320). With the stock currently trading above our PT and up +25% YTD (+9% over the last two months) and valuation at all-time high levels, we downgrade to Hold."
Shares of Estee Lauder closed at $333.83 yesterday.
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