Estee Lauder downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded Estee Lauder to Sector Perform from Outperform with a price target of $115, down from $195. While the company’s fiscal Q1 played out better than expected, the material guidance cut was a “major disappointment,” the analyst tells investors in a research note. The firm says there are “simply too many headwinds and not enough visibility” at this time to believe in the the second half of fiscal 2024 growth story.