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Bank of America/Merrill Lynch Upgrades Estee Lauder to “Buy” (EL)

Cosmetics maker The Estee Lauder Companies Inc. ( EL ) on Thursday caught a big upgrade from analysts at Bank of America/Merrill Lynch.

The firm said it boosted its rating on EL from "Neutral" to "Buy" with a $110 price target, suggesting a 13% upside to the stock's Wednesday closing price of $97.29.

Bank of America/Merrill Lynch also boosted its earnings estimates for the company, noting EL is primed to gain market share in coming quarters.

Estee Lauder shares rose 49 cents, or +0.5%, in premarket trading Thursday.

The Bottom Line

Shares of Estee Lauder ( EL ) have a .77% dividend yield, based on last night's closing stock price of $97.29. The stock has technical support in the $88-$90 price area. If the stock can firm up, we see overhead resistance around the all-time high levels of $108-$109 a share.

The Estee Lauder Companies Inc. ( EL ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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