UPDATE: Deutsche Bank Downgrades Estee Lauder (EL) to Hold
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Estee Lauder (EL) Downgraded to 'Hold' at Deutsche Bank as Expectations Already Radiant
August 2, 2021 10:20 AM EDTDeutsche Bank analyst Steve Powers downgraded shares of Estee Lauder (NYSE: EL) to Hold from Buy but slightly hiked the price target to $322.00 per share from $320.00.
According to Powers, the FQ4 setup doesnt provide attractive setup with the stock up 25% year-to-date (+9% over the last two months), and +69% over the past year.
Given that outperformance, EL is now essentially at an all-time high (both in absolute price and valuation), and the stock (in our view) appears to already be discounting ~$10 in EPS in FY23 ($10 * 36.5x forward P/E discounted back one... More
