Investing.com - BofA Securities has reinstated coverage on Estee Lauder (NYSE: EL ) with a Buy rating and a $110.00 price target, suggesting 30% upside potential from the current price of $86.61 for the cosmetics giant. The research firm's analysis centers on Estee Lauder's position as the second-largest player in the $160 billion global prestige beauty market. The company maintains impressive gross profit margins of 74% while generating $14.8 billion in revenue across 25 brands including Estee Lauder, Clinique, M•A•C and La Mer. BofA Securities notes that Asia has been a significant drag on the company's profitability, contributing to an 80% decline in earnings per share from peak to trough levels. The firm expresses confidence in Estee Lauder's "Beauty Reimagined" recovery plan, forecasting a 4% revenue compound annual growth rate with high incremental margin improvements.