Estee Lauder price target lowered to $131 from $140 at Canaccord

Canaccord lowered the firm’s price target on Estee Lauder to $131 from $140 and keeps a Hold rating on the shares. The firm said Q3 results beat expectations but sales and margin guidance in 4Q indicate another step back in performance due to management lowering their F2024 sales guidance despite 3Q coming in at the high-end of expectations.