Goldman Sachs downgraded Estee Lauder to Neutral from Buy with a $145 price target after assuming coverage of the name. The company has been under sizable pressure as a result of its Asia travel retail challenges, which has driven its consecutive guide-downs over the past several quarters, and has negatively impacted investor confidence in the process, the analyst tells investors in a research note. To get more constructive, the firm would like to get more clarity on the pace of recovery in Hainan and to see Estee’s cost savings initiatives begin to bear fruit.
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