Estee Lauder Shares Down; Citi Cuts to Neutral, But Raises Target Price
January 22 2020 - 2:44PM
Dow Jones News
By Michael Dabaie
Estee Lauder Cos. (EL) shares were down 2.2% to $212.93 in
afternoon trading.
Citi lowered its rating on the skin care, makeup, fragrance and
hair care products company to Neutral from Buy, but raised its
target price to $230 from $223.
Citi said it is raising its target price to reflect a higher
market multiple, but upside isn't enough to keep its Buy
rating.
"While we are keeping our earnings estimates unchanged today, we
now think there may be less room for upside," the Citi note
said.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
January 22, 2020 14:29 ET (19:29 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Estee Lauder Companies (NYSE:EL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Estee Lauder Companies (NYSE:EL)
Historical Stock Chart
From Apr 2023 to Apr 2024
