Estee Lauder Maintained As Overweight By PiperJaffray

The Estee Lauder Companies, Inc.

is maintained as "overweight" with a $75 price target by PiperJaffray due to a 4Q that exceeded expectations. SG&A expenses were higher than estimated, but strong revenue as well as top line growth guiding through FY2011 are prominent factors, according to PiperJaffray. 4Q revenues were up 9% y/y ahead of PiperJaffray's 4.8% estimate here in the U.S. and in Europe, the Middle East, and African segments, revenues were up 12% y/y in 4Q. Estee Lauder management has increased FY2011 guidance from $2.80 to $3.05, in line with PiperJaffray's estimated $3.01. The Estee Lauder Companies, Inc. closed yesterday at $58.80.