Estee Lauder downgraded to Hold from Buy at Berenberg

Berenberg analyst Fulvio Cazzol downgraded Estee Lauder to Hold from Buy with a price target of $220, down from $323. The analyst sees limited visibility into a potential recovery for the company in fiscal 2023. Estee has been more vulnerable to disruption and changes in consumer shopping habits, Cazzol tells investors in a research note. The analyst can’t rule out further trading vitality due to ongoing COVID restrictions in China, geopolitical tensions and a weakening macro environment across its key markets.