Oppenheimer : Continued Attractive Outlook for Estee Lauder Outperformance

Our Analysts Maintain Estée Lauder as a Top Pick

With Estée Lauder shares approaching our prior $210 price target, Oppenheimer analysts spent time updating our investment views on shares. In 2019, Estée Lauder shares increased 59%, easily outperforming a 29% gain in the S&P 500.

As we look forward, our analysts continue to see an attractive case for outperformance and reiterate Estée Lauder as a top pick. Our team expects the continued strength of Estée Lauder in China, travel retail, and skincare to continue driving above-peer top- and bottom-line delivery.

On a relative basis, Estée Lauder's valuation is now off a multi-year high, and Oppenheimer analysts continue to believe a premium valuation is warranted. Our analysts are raising our price target to $230 from $210. This suggests upside potential of more than 10% from current levels.

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• Investing,
• Retail