Citi analyst Wendy Nicholson upgraded Estee Lauder to Buy from Neutral and raised her price target for the shares to $155 from $145. 2018 was a "great year" for Estee Lauder, but not for the stock, Nicholson tells investors in a research note. However, she sees upside to the company's fiscal 2019 earnings forecast and believes its balance sheet is in "terrific shape." The latter positions Estee well to either make an acquisition or buy back more stock, Nicholson writes. And she believes any broadening of the company's revenue growth drivers "would help allay some fears."