The Chinese market is a "vastly underappreciated opportunity" for Estee Lauder, analysts at Piper Sandler wrote in a research note.
U.S.-based Estee Lauder, which manufactures luxury skin-care products, makeup and fragrances, relies on China for more than a third of total sales.
Looking ahead, Piper Sandler sees massive growth potential for Estee Lauder's stock in 2023.
Oppenheimer maintained a $300 per-share price target on Estee Lauder and outperform rating.
An Estee Lauder pop-up store is seen inside daimaru Department Store on Nanjing Road Pedestrian street in Shanghai, China, August 6, 2021.