Morgan Stanley lowered the firm’s price target on Estee Lauder to $100 from $140 and keeps an Equal Weight rating on the shares. The firm has cut its FY25 and FY26 EPS estimates 20% and 14%, respectively, noting that Estee’s topline challenges are persisting. The firm also notes the CEO announced his pending retirement, saying that the successor search “could eventually be a sizeable positive catalyst if an aggressive and well thought of outsider is brought in.”
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