1. Heat oil in 10-inch skillet over medium-high heat until shimmering. Add shallots and cook until beginning to soften, about 1 minute. Add sherry and increase heat to high; simmer rapidly until liquid is reduced to 1/2 cup, about 2 minutes. Add broth and simmer until liquid is again reduced to 1/2 cup, about 4 minutes. Add cream and set aside until last batch of cutlets is cooked.

2. After transferring last batch of cutlets to platter, use paper towels to gently wipe away any fat, liquid, or white blobs without removing fond; return pan to medium heat. Pour sauce into pan and bring to simmer, scraping up browned bits on pan bottom. Pour sauce through fine-mesh strainer into medium bowl, pressing on any solids in strainer with spatula to extract liquid. Wipe pan clean with paper towel; add strained sauce and set pan over medium-high heat. Simmer until sauce is reduced to 3/4 cup, about 5 minutes. Stir in tarragon, lemon juice, and salt and pepper to taste. Pour over cutlets and serve immediately.

Makes 3/4 cup