Written on Fri, 03/12/2010 - 10:04am
By Chip Brian
3/12/2010-Citigroup maintained its Buy rating on Estee Lauder (NYSE:EL) and raised its price target to $73 from $67 after an an encouraging meeting with the company's management.
Analyst Wendy Nicholson said, "Our meetings boosted our confidence in EL's ability to meet its financial targets, and more importantly, genuinely excited us about the long term potential for this business. As such, we tweak our calendar year EPS estimates, raise our target valuation to a 50% premium to the market multiple and raise our target price to $73. We maintain our Buy rating."
For 2010, the company expects EPS of $2.64, versus consensus estimates of $2.77.
