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Benzinga
Benzinga
Business
Shivani Kumaresan

Estee Lauder Stock Falls On BofA Downgrade

  • BofA analyst Bryan Spillane downgraded Estee Lauder Companies Inc (NYSE: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.
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