** Cosmetics giant Estee Lauder's EL.N shares rise 1.2% to $87.66 premarket
** BofA Securities reinstates coverage with "buy" rating and a PT of $110 - highest on the Street, implying a premium of 27% to stock's last close
** Brokerage expects co's ‘Beauty Reimagined’ plan to restore earnings growth
** In February, EL announced its turnaround plan involving new luxury price tiers, increasing investments in consumer-facing initiatives, and a simplified organizational structure to navigate declining sales
** "The new management team has committed to recruit more customers by tripling innovation that comes to market in less than 12 months and launch into faster growing channels like Amazon Premium Beauty and TikTok Shop earlier" - BofA
** 5 brokerages rate the stock "buy" and higher, 21 "hold" and 2 "sell"; median PT is $66 - data compiled by LSEG
** EL is up 15.51% YTD, as of Wed's close
(Reporting by Ankita Yadav in Bengaluru)
((Ankita.Yadav@thomsonreuters.com;))
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