Credit Suisse raises Estee Lauder PT on China reopening

China Reinsurance (Group)

06/02/2023 12:37

** Credit Suisse raises PT for personal care products maker 
Estee Lauder Companies Inc  EL.N  to $305 from $215; maintains
"outperform" rating
    ** Says EL profits, which are heavily sensitive to Chinese
tourism, should expect significant upside with the resumption in
travel
    ** "We think EL's trends will trend well above current
Consensus well into FY24" - CS 
    ** Raises F4Q EPS est to $1.68 from 86 cents, FY24 EPS est
to $8.25 from $7.20
    ** 20 of 28 brokerages rate stock "buy" or higher, 7 "hold"
and 1 "sell"; median PT is $290 - Refinitiv IBES 
    ** Stock was up ~9% YTD, as of last close 
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))