Estee Lauder downgraded to Market Perform from Strong Buy at Raymond James

Raymond James double downgraded Estee Lauder to Market Perform from Strong Buy without a price target. A slower recovery in China and travel retail and heavy competition in the U.S. dampen prior expectations for a more significant rebound in fiscal 2025, the analyst tells investors in a research note. The firm says that while Estee management saw shipments resume in Asia travel retail in fiscal Q3, a subdued reaction to the June 18 shopping festival in China as well as intensifying pressures on the U.S. consumer creates a challenging environment for the company in its two most important markets.