Estee Lauder: Jefferies still on hold

(CercleFinance.com) - Jefferies maintains its 'hold' rating on Estee Lauder shares, with an unchanged target price of $100.
cp: $90, -3.2%.

The broker reports that the shares have held steady despite a forecast for the fiscal year (FY) that was 5% below sales estimates and -27% below earnings per share (EPS) estimates.

This downward revision appears to be a necessary adjustment, the broker adds, which is nonetheless pleased to note that the FY forecast looks credible.

Margins should increase with cost reductions, and the new management will bring a fresh look to the company, the analyst concludes.


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