WFC - Is Estée Lauder on the Verge Of a Massive Comeback? | Benzinga
Estée Lauder Companies, Inc. (NYSE: EL) is among an increasingly smaller group of stocks that have yet to mount a serious comeback to recent selloffs. Having gained more than 200% from January 2019 through January 2022, investors in the cosmetics giant then gained a harsh lesson in gravity.
Through November of last year, the company shed more than 70% of its value and was likely only saved from losing more by the broader market rally that started in response to likely interest rate cuts. But in recent months, something interesting has been happening, and it's not just the solid run of gains, 40% all told since November's low. There has actually been a seemingly endless run of analyst upgrades, and it's effectively been all one-way traffic.
Run of Upgrades
For example, February saw less than five bullish updates, with Raymond James rating Estée Lauder a Strong Buy while Wells Fargo (NYSE: WFC) rated it Overweight. Then, in March, Bank of America (OTC: BACRP) upgraded Estée Lauder shares from a Neutral to a Buy rating, a move echoed by the Citigroup (NYSE: