UPDATE: Piper Jaffray Raises PT to $62 on Estee Lauder Following Q2 Report
Piper Jaffray maintained Estee Lauder (NYSE: EL) with a Neutral rating and raised the price target from $60.00 to $62.00.
Piper Jaffray commented, "We are reiterating our Neutral rating and raising our price target from $60 to $62 following EL's FQ2 report in which EPS of $1.16 (ex-charges) exceeded our estimate of $1.00. Revenue in FQ2 was up 7.1% y/y, above our prior forecast of +4.9%. It appears that Q2 net sales benefited from about $94 million in orders that were pulled forward from Q3 into Q2 ahead of EL's implementation of SAP in January 2013. Management indicated that organic sales growth was in line with expectations for the quarter, with EPS ahead of expectations. We are encouraged by another solid quarter of growth for EL, particularly in its e-commerce channel; our Neutral rating is tied primarily to valuation."
Estee Lauder closed at $61.05 on Monday.
Latest Ratings for EL
|Sep 2016||Argus Research||Downgrades||Buy||Hold|
|Sep 2016||Berenberg||Initiates Coverage on||Buy|
|Aug 2016||Piper Jaffray||Maintains||Overweight|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.