Piper Jaffray Raises Estee Lauder PT To $88, Maintains Neutral (EL)

Piper Jaffray raised its Estee Lauder EL price target to $88 from $80 and maintained its Neutral rating in a research report published today. In the report, Piper Jaffray states, "Estee Lauder was clicking on all cylinders in FQ2, with all regions and product categories showing growth. Longer-term, we believe EL is poised for upward earnings revisions as new systems, processes and focus on innovation likely lead to enhanced profitability. However, we maintain our Neutral rating because at more than 23x FY12 EPS, we believe upside is already priced into the stock and any slowdown in trends could lead to multiple contraction." Shares of Estee Lauder were at $91.25 at the time of posting in after hours trading, up 0.23% from Thursday's market close of $91.94. Estee Lauder stock increased Thursday by 14.13% from Wednesday's market close.