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UPDATE: Morgan Stanley Reiterates On Estee Lauder Companies Following Strong Q3 Results

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In a report published Monday, Morgan Stanley analyst Dara Mohsenian reiterated an Overweight rating on Estee Lauder Companies (NYSE: EL), and raised the price target from $84.00 to $87.00.

In the report, Morgan Stanley noted, “EL adj. Q3 EPS of $0.64 was well ahead of our on-consensus $0.55 estimate (despite a 2 cent tax rate headwind), with strong 8% timing adj. local FX sales growth, above the 6-7% consensus and market expectations in the 5-6% range. Relative to consensus, Q3 topline was 2.5% above, with 2% gross profit (GM's were 60 bps light vs. consensus) and +16% operating upside. EL performed well in a difficult environment, with 8% org. sales growth above L'Oreal (luxury) at +7% and LVMH's Perfume/Cosmetics at +5%.”

Estee Lauder Companies closed on Friday at $75.62.

Latest Ratings for EL

DateFirmActionFromTo
Apr 2015Stifel NicolausMaintainsBuy
Mar 2015Piper JaffrayUpgradesNeutralOverweight
Mar 2015Wells FargoUpgradesMarket PerformOutperform

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Posted-In: Dara Mohsenian Morgan StanleyAnalyst Color Price Target Analyst Ratings

 

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