Estee Lauder Companies Inc (NYSE: EL) shares took off for the sky Tuesday, after Raymond James raised the price target from $188 to $207.
The cosmetics company has also been busy promoting a campaign of social justice, in light of recent racial unrest.
An address to employees last week from CEO William P. Lauder stated, "We have all taken time recently to grapple with the systemic racial injustice that has plagued the United States for far too long. We know that each of you is working through this as individuals, as families, as communities and together as a company.
”We are a company committed to living our values and we are proud of the overall progress and commitment we have made to inclusion and diversity, but we also recognize that we have much more work to do in order to accomplish greater results."
Lauder concluded, "We stand in solidarity with our Black employees, Black consumers and Black communities and firmly believe Black lives matter. We are committed to doing more as allies at our company, in our communities and throughout this country."
EL shares hiked $6.21, or 3.2%, to $197.65.
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