Barclays Upgrades Estée Lauder, Raises Target to $108

Barclays upgraded Estée Lauder to overweight from equal weight and raised its price target to $108 from $97, citing stronger-than-expected organic sales and more balanced growth across regions and product categories. The bank said the company’s turnaround and operating-model changes could sustain reinvestment and gradually lift profit margins. Estée Lauder shares rose 2.2% in premarket trading after the upgrade, though they had declined about 12% year to date.