Piper Jaffray analyst Erinn Murphy raised her price target for Estee Lauder to $162 following "constructive" meetings with management. Management's tone was "consistently positive," specifically on China, where they were bullish on the consumer, the broad-based category growth and "robust" strength of online, Murphy tells investors in a research note. The analyst believes this region could double for Estee Lauder in the next five years. She increased her estimates and keeps an Overweight rating on the shares.
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BofA upgraded Estee Lauder to Buy from Neutral with a price target of $170, up from $160. The company currently has a range of initiatives to recovery profitability, sharpen product efficiency, and achieve more balance across channels and geographies, the analyst tells investors in a research note. The firm expects market share growth and operating leverage as Estee reduces its reliance on China and travel retail. It believes the company's earnings have bottomed.