Oppenheimer Upgrading Estee Lauder (EL)

Oppenheimer & Co. is upgrading shares of The Estee Lauder Companies Inc. EL to Perform from Underperform, and it has a $95 price target on shares. In a note sent to clients, Oppenheimer writes, "We are upgrading the shares of EL to Perform from Underperform, as our cautious thesis outlined in our July downgrade has largely not played out, while top-line momentum is expected to continue throughout fiscal 2011, a point which was underscored by our recent meeting with management. While we cannot justify an Underperform rating solely on what we view to be a stretched valuation, it does keep us from getting more bullish at this point, and so we would prefer a more attractive entry point." Shares of EL closed at $72.34 yesterday.