Estee Lauder's stock surged 5.10% during intraday trading on Friday, marking a significant upward movement for the cosmetics giant.

The price increase appears to be driven by positive analyst sentiment, specifically an upgrade from Citigroup. The financial institution raised its rating on Estee Lauder from Neutral to Buy, setting a price target of $120. This upgrade likely fueled investor optimism and buying activity in the session.

While several other analysts issued reports on the company around the same time, including some maintaining or cutting price targets, the Citigroup upgrade stood out as a notable positive catalyst that contributed to the stock's strong performance.