Estee Lauder to see green shoots in China demand after stimulus, Piper Sandler says
Updates
** Shares of cosmetics maker Estee Lauder EL.N rise as much as 3.6% at $103.44 after brokerage Piper Sandler raises PT to $122 from $114
** Sees possible near-term positive effects of stimulus measures in China on EL
** Brokerageconveys confidence in EL's FY25forecast as co expects a decline in China sales in H1
** EL's stock hits its highest since July 12
** Brokerage warns of minor pressure on Coty's COTY.N mass cosmetics demand, maintains PT at $13
** Says recently announced closure of underperforming stores at Walgreens WBA.O and CVS CVS.N could pressure COTY's drug channel in the short term but, over time, consumer demand could shift and sales may come back to normal
** Brokerage maintains "overweight" rating on both stocks
** EL reports Q1 earnings on Oct. 31; Coty yet to announce results date
** YTD, EL stock had fallen 31.7% and COTY stock is down ~23.5%, up to Friday's close
Reporting by Neil J Kanatt in Bengaluru
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