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Update: Morgan Stanley Raises Price Target on Estee Lauder to $90 From $85, Keeps Equalweight Rating

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-- (Updates with the analyst's commentary.)

Morgan Stanley raised its price target on Estee Lauder (EL) to $90 from $85 while maintaining its equalweight rating.

The brokerage said in a Monday note it is "encouraged" by Organic Sales Growth and with "a faster margin recovery" but held back by OSG concentration and "skepticism around a potential Puig deal."

Morgan Stanley said OSG results are "China driven" and while emerging markets and online continue to outperform, growth is "limited" outside these areas, with The Americas experiencing a flat OSG.

The brokerage said it questions whether acquiring beauty firm Puig is "worth the opportunity cost," given the company's complexity and "the cultural risk of merging two family-run companies" while Estee Lauder is itself "undergoing a complex initial restructuring."

Estee Lauder has an average rating of overweight and mean price target of $96.82, according to analysts polled by FactSet.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Price: $80.95, Change: $+1.65, Percent Change: +2.08%

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