Estee Lauder price target raised to $114 from $99 at JPMorgan

JPMorgan raised the firm’s price target on Estee Lauder (EL) to $114 from $99 and keeps an Overweight rating on the shares as part of a Q3 preview for the household, personal care and beauty group. Most of these large cap companies in the group will likely report another weak quarter amid “still depressed” consumer demand in the U.S. and decelerating trends for Western Europe, the analyst tells investors in a research note. JPMorgan says this backdrop is further worsened by retailers taking down inventory. The firm believes Estee can positively surprise investors despite the environment.