UPDATE: Stifel Nicolaus Upgrades Estee Lauder to Buy

Stifel Nicolaus is out with its report today on Estee Lauder

, upgrading EL from Hold to Buy. In its report, Stifel Nicolaus writes, "We upgrade Estée Lauder to Buy from Hold and establish a 12-month price target of $113 per share. We anticipate the company will continue gaining share of the global prestige beauty category given a best-in-class brand portfolio and developing market growth resulting in at least mid-to-high single digit sales growth over the next 3-5 years." Shares of EL closed Friday at $95.14.