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The Long Investor - $EL - EARNINGS JUST OUT -
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$EL closed Friday at $109 and it's trading around $112 premarket after reporting earnings this morning, so the Wave 3 push is finally showing signs of life.
The numbers were strong across the board, with adjusted EPS at $0.72 against $0.52 expected and revenue of $3.72B, up +7%.
Operating margin jumped to 12.1% from 7.3% a year ago, and full year guidance was raised again, with EPS now $3.20 to $3.45.
In August the full year results landed with fragrance booming, China growing double digits and travel retail finally growing again, and $EL ripped almost +18% which confirmed for us that Wave 2 was complete
October was a +21% rally from the $90 low into earnings, and today's report adds fuel.
For me the chart is fairly straightforward.. Wave 2 held up at $66, comfortably above the 0.78 Fib at $64, and price is now sitting about -10% below the 200 WMA, which is still falling toward us near $120.
Bulls want to see us push through the Bull Case line near $122, which is also where the 200 WMA is heading, and flip it to support.
Above that the Wave 3 target is at the 1.618 Fib at $182 and Wave 5 the 2.618 Fib at $255
The Street average is about $110 from 30 analysts, with targets from $70 to $127, so price has caught up with them and the upgrades will have to follow.
This chart has not changed in over a year for us and it moving very strong in Wave 3 against the run of the market now.
$EL closed Friday at $109 and it's trading around $112 premarket after reporting earnings this morning, so the Wave 3 push is finally showing signs of life.
The numbers were strong across the board, with adjusted EPS at $0.72 against $0.52 expected and revenue of $3.72B, up +7%.
Operating margin jumped to 12.1% from 7.3% a year ago, and full year guidance was raised again, with EPS now $3.20 to $3.45.
In August the full year results landed with fragrance booming, China growing double digits and travel retail finally growing again, and $EL ripped almost +18% which confirmed for us that Wave 2 was complete
October was a +21% rally from the $90 low into earnings, and today's report adds fuel.
For me the chart is fairly straightforward.. Wave 2 held up at $66, comfortably above the 0.78 Fib at $64, and price is now sitting about -10% below the 200 WMA, which is still falling toward us near $120.
Bulls want to see us push through the Bull Case line near $122, which is also where the 200 WMA is heading, and flip it to support.
Above that the Wave 3 target is at the 1.618 Fib at $182 and Wave 5 the 2.618 Fib at $255
The Street average is about $110 from 30 analysts, with targets from $70 to $127, so price has caught up with them and the upgrades will have to follow.
This chart has not changed in over a year for us and it moving very strong in Wave 3 against the run of the market now.
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