Estee Lauder Stock Falls On BofA Downgrade

by Shivani Kumaresan, Benzinga Staff Writer

January 5, 2022 2:11 PM | 1 min read

BofA analyst Bryan Spillane downgraded Estee Lauder Companies Inc EL to Neutral from Buy and raised the price target to $375 from $345, suggesting a 4.5% upside.
The analyst said the company's growth drivers are being offset by the stock's "full valuation" following a 14% run-up in December alone.
Spillane added that his new price target now assumes a 40-times earnings multiple versus 37-times prior, representing a 30% premium to the company's Beauty peers.
Price Action: EL shares are trading lower by 3.65% at $358.29 on the last check Wednesday.