Fly News Breaks for August 28, 2018
Aug 28, 2018 | 07:03 EDT
As previously reported, Morgan Stanley analyst Dara Mohsenian upgraded Estee Lauder to Overweight from Equal Weight as he believes the stock's sharp pullback since mid-June has created a compelling entry point. Mohsenian thinks the market is not fully recognizing Estee Lauder's long-term growth potential while the pullback has priced in the risk associated with a China slowdown. Additionally, the strong U.S. macro backdrop has reduced the risk that the market could shift to a more defensive posture away from more discretionary names like Estee, the analyst tells investors. Mohsenian edged up his price target on Estee Lauder shares to $160 from $159.
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