Canaccord raised the firm’s price target on Estee Lauder (EL) to $100 from $85 and keeps a Hold rating on the shares. The firm raised its target as it appears the China consumer cohort continues to see improving trends according to LVMH and L’Oreal. However, while the travel retail channel has been improving, it remains negative. Canaccord also believe beauty demand, although still relatively strong, has been normalizing in key markets, including in the US and Western Europe as macro conditions remain choppy.
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