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EL - Beauty In COVID-19: Assessing Q1 And Reiterating Buy For Estée Lauder And L'Oréal
Estee Lauder Companies Inc.
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Introduction
We initiated a Buy rating on L'Oréal (OTCPK:LRLCF) in late March, and on Estée Lauder (EL) in early April (PRO subscription required), taking advantage of the price correction after most of the U.S and Europe have gone into lockdowns. Since then their share prices have been roughly flat.
With both companies having now released CY20Q1 results, we assess COVID-19's impact, the