Estee Lauder reinstated with a Buy at BofA

BofA analyst Ashley Wallace reinstated coverage of Estee Lauder (EL) with a Buy rating and $110 price target BofA is confident that Estee Lauder’s “Beauty Reimagined” plan will drive an earnings recovery and forecasts a 4% revenue compound annual growth rate, which should come with high incremental margin drop through, the analyst tells investors in a research note.