UPDATE: Estee Lauder (EL) PT Raised to $330 at Oppenheimer, Recovery is Stronger Than Expected

(Updated - April 14, 2021 8:46 AM EDT)

Oppenheimer analyst Rupesh Parikh raised the price target on Estee Lauder (NYSE: EL) to $330.00 (from $300.00) noting the sales recovery off Q420 (Jun. 2020) lows has been much more powerful than we expected, even with severe COVID-19 headwinds in a number of key geographies.

The analyst reiterated the Outperform rating, stating "We believe the performance is due in large part to strong execution by the management team led by CEO Fabrizio Freda. Looking forward, we still see a very favorable setup driven by pent-up demand in the makeup category, easing upcoming comparisons, and intact top-line drivers (skincare, China, online, and innovation)."

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