Berenberg downgraded Estee Lauder to Hold from Buy with a price target of $118, down from $224. The drag from destocking appears to have escalated in fiscal Q1 and headwinds are now expected to persist for longer, the analyst tells investors in a research note. The firm says the deterioration in market share trends for Estee Lauder in China in Q1 suggests the company may be struggling to capture its fair share of repatriated sales that were previously channeled through Daigou shoppers.
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