Estee Lauder price target lowered to $100 from $125 at Jefferies

Jefferies analyst Ashley Helgans lowered the firm’s price target on Estee Lauder to $100 from $125 and keeps a Hold rating on the shares. The firm is lowering estimates following the company’s fiscal Q2 guidance and revised FY24 view as both “proved to be far worse than models.” The stock is down 60% year-to-date, but the firm says it is “still difficult for us to see a clear pathway to margin recovery,” especially given structural changes in “the highest margin TR channel” and a prolonged recovery in China.