Estee Lauder upgraded to Buy from Hold at HSBC

HSBC last night upgraded Estee Lauder (EL) to Buy from Hold with a price target of $99, up from $80. “After months of investors lacking interest, the market seems once again to have called the bottom,” the analyst tells investors in a research note. The firm says the magnitude of Estee’s restructuring program and the U.S. dollar weakness could signal an end to the company’s earnings downgrades. HSBC says a combination of Leonard Lauder’s passing, hopes of stabilization in Chinese consumption, dollar weakness and “American resilience” drive its upgrade to Buy.