UPDATE: Jefferies Lowers Price Target On Estee Lauder To $107

According to Jefferies, Estee Lauder

price target is lowered to $107. Jefferies said that the 12-month price objective is now $107, which is 23x the C2012E EPS of $4.65, a slight premium to its pre-recession average of 20.5x, with a range of 15x-27x, given what we believe could be meaningful upside EPS revisions due to strong organic growth and as mgt executes on its 4-year plan. “Risks include market risk, economic, currency, integrating acquisitions, and changes in consumer tastes and demands.” Estee Lauder closed yesterday at $91.50.