Estee Lauder catches a couple Wall Street endorsements but we’re still skeptical

Recent Wall Street upgrades of Estee Lauder don’t change our lingering concerns over the company’s underperforming stock and its business in China. Citi on Tuesday took its rating on shares of the luxury cosmetics giant to a buy from neutral. The analysts also raised their price target to $175 per share from $160 — representing about 15% upside. The research firm believes the company’s top line is approaching an inflection point as channeled inventories in Asian travel retail normalize. The analysts were also encouraged by CEO Fabrizio Freda’s optimism on business growth in China, a key growth market for the…