Estée Lauder up after Barclays upgrades to 'overweight'

By Reuters News

** Shares of cosmetics maker Estée Lauder EL.N up 2.2% at $93.98 premarket

** Brokerage Barclays upgrades stock to "overweight" from "equal weight"; raises PT to $108 from $97

** Says co's projected sales growth, earnings profile over next several years make it among the most attractive companies in the broader global consumer staples index

** Notes that after seven quarters since unveiling its turnaround plan, co delivered more balanced revenue growth, against expectations that reshaping its operating model would require significant time and investment

** Notes growth across regions, sees North America growth to remain elevated in current quarter, structural changes to the operating model could support continued reinvestment while driving EBIT margins into the high teens over time

** Average rating of 44 brokerages is "buy"; with a median PT of $129- data compiled by LSEG

** Up to last close, stock has fallen ~12% YTD

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