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Analyst: Estee Lauder Stock a "Buy" Ahead of 2023

EL typically outperforms the SPX in December

Deputy Editor
Dec 7, 2022 at 9:21 AM
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This morning, Deutsche Bank upgraded Estee Lauder Companies Inc (NYSE:EL) to "buy" from "hold," and hiked its price target by $57 to $266. The brokerage firm says that the high-end retailer is poised to benefit from easing Covid-19 restrictions in Beijing, with tailwinds likely to boost the shares into 2023.

Coming into today, the majority of covering analysts were already bullish, which makes today's upgrade even more notable.

Likely due to the broad market pain this week, EL is flat ahead of the opening bell. The shares bottomed at $186.47 on Nov. 3, a two-year low, but started to take off after a multi-billion acquisition of Tom Ford in mid-November. While the stock sports a 36% year-to-date deficit, the retailer is once more soaring in December, sporting a 10% gain in the last week.

 

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