UPDATE: Credit Suisse Initiates Coverage on Estee Lauder Companies with Outperform Rating, $82 PT on Superior Growth, Superior Returns

In a report published Tuesday, Credit Suisse analyst Michael Steib initiated coverage on

with an Outperform rating and $82.00 price target. In the report, Credit Suisse noted, “Despite somewhat slower endmarket growth, we think EL should be able to grow sales by over 6% in FY14 and EPS by a low double-digit rate. We think EL is in a strong position to gain share through innovation and grow distribution, thereby offsetting somewhat lackluster growth in developed markets, despite recent upbeat comments from some key department stores.” Estee Lauder Companies closed on Monday at $72.86.