NEW YORK (AP) ¿ An analyst on Wednesday upgraded shares of mineral cosmetics manufacturer Bare Escentuals Inc., citing strong demand for mineral makeup ¿ cosmetics made from natural minerals.
PiperJaffray analyst Neely J.N. Tamminga raised her rating to "Overweight" from "Neutral" and increased her share price target to $14 from $8.
Tamminga said Bare Escentuals remains popular among upper, middle-income female consumers, according to one of her recent surveys.
Tamminga also said there might be a chance for Bare Escentuals to benefit from Estee Lauder's decision to shut down its Prescriptives brand.Shares of the company rose 35 cents, or 3 percent, to $12.17 in afternoon trading.