UPDATE: JPMorgan Upgrades Estee Lauder (EL) to Overweight
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JPMorgan analyst Andrea Teixeira upgraded Estee Lauder (NYSE: EL) from Neutral to Overweight with a price target of $299.00.
The analyst comments "We have an Overweight rating on EL shares. Despite the challenges that COVID-19 posed to Estee Lauder’s travel retail and bricks & mortar distribution, the company’s efforts to pivot to e-commerce both brand.com and retail.com have yielded excellent results, and the company should be able to return to growth as guided in F3Q21. We believe EL will emerge from the pandemic back to its normalized long term algorithm and even better profitability."
Shares of Estee Lauder closed at $272.81 yesterday.
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