Estée Lauder Companies (ELC) has been upgraded by several investment banks after a tough few years for the US beauty giant, which has seen a fall in sales and share price.
Deutsche Bank and HSBC have upgraded ELC from hold to buy; while JPMorgan and Morgan Stanley have upgraded the beauty company’s stock to overweight, signalling that it has likely turned a corner in its turnaround efforts.
The upgrades come ahead of ELC’s fourth quarter earnings, which is due before the US market opens on 20 August.
What do the investment banks say about ELC?
Deutsche Bank increased its price target for ELC from US$71 to $95 – an increase of 33%.
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