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Shares of American cosmetics company Estee Lauder (EL) - Get Estee Lauder Companies Inc. Class A Report were rising during early Tuesday morning trading after the company's stock was upgraded to "Buy" from "Hold" at Argus Research.

The firm assigned shares of Estee Lauder a $125 price target based on the company's ability to benefit from robust demand for its high-end beauty products.

Argus analyst John Staszak contends that roughly a third Estee Lauder's brands are seeing double-digit revenue growth, he wrote in a note obtained by StreetInsider.

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Staszak believes the company can hit its goal of between 6% and 8% local-currency revenue growth while posting double-digit earnings growth over the next 36 months.

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