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HomeBusinessEstee Lauder Gains on Citi’s Upgrade

Estee Lauder Gains on Citi’s Upgrade

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Estee Lauder (NYSE:EL) shares gained more than 2% pre-market today after Citi analysts adjusted their rating on the company to Buy from Neutral, while also increasing the price target to $175 from $160.
The analysts expressed optimism that Estee Lauder is approaching a turning point in sales as channel inventories in the Asia Pacific Travel Retail sector are stabilizing, and the company is achieving a more balanced sell-in versus sell-out.
Citi highlighted that Estee Lauder’s stock faced a downturn in 2023, declining by 41% due to substantial sales and profit impacts from the travel retail inventory reduction and adverse margin mix.

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However, they noted that over the last six months, Estee Lauder has consistently indicated that Asia Pacific Travel Retail inventories would align by the end of the third fiscal quarter of 2024.
This stance, coupled with CEO Fabrizio Freda’s positive remarks and demeanor at recent company events, has bolstered Citi’s belief that Estee Lauder is on the verge of reaching this critical inflection point.

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