UPDATE: Morgan Stanley Initiates Coverage on Estee Lauder Companies with Overweight Rating, $70 PT
In a report published Monday, Morgan Stanley initiated coverage on Estee Lauder Companies (NYSE: EL) with an Overweight rating and $70.00 price target.
Morgan Stanley noted, “We project 6.2% long-term EL organic revenue growth, at the high end of our coverage, and above the 5-6% we estimate the market is discounting. The key factors driving our positive view are: (i) EL's exposure to high growth beauty categories; and (ii) EL market share gains with higher marketing and improved execution. Travel retail and emerging markets both offer particularly robust growth opportunities.”
Estee Lauder Companies closed on Friday at $58.25.
Latest Ratings for EL
|Mar 2016||Morgan Stanley||Maintains||Overweight|
|Mar 2016||Goldman Sachs||Downgrades||Buy||Neutral|
|Feb 2016||Atlantic Equities||Initiates Coverage on||Overweight|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.