Following improvement in China's COVID-19 situation, including the loosening of restrictions in key cities including Shanghai and Beijing, analysts at RBC Capital added The Estée Lauder Companies Inc. (NYSE:EL) back to top pick status.

Looking toward the full 2023-year, the analysts believe pricing benefits (approximately 4% points) and a China/travel retail recovery could drive around 10% constant currency sales growth.

The analysts believe management's attendance at upcoming conferences and the August earnings report could now represent positive catalysts for shares. Their outperform rating and $300 price target were maintained.