Estee Lauder initiated with "peer perform"

01.12.06 - Bear Stearns

NEW YORK, December 1 (newratings.com) - Analyst Justin Hott of Bear Stearns initiates coverage of Estee Lauder Companies (EL) with a "peer perform" rating.

In a research note published yesterday, the analyst mentions that the company needs to improve its business model in order to sustain its growth rate. Growth at Estee Lauder?s fine department stores is likely to be witnessing long-term deterioration and the company has limited ability to develop other channels going forward, the analyst adds.