Estee Lauder price target lowered to $135 from $175 at Citi

Citi lowered the firm’s price target on Estee Lauder to $135 from $175 and keeps a Buy rating on the shares as part of a Q2 earnings preview for the beverage and personal care space. The firm expects another quarter with contribution from hyperinflationary pricing in emerging margins offset by currency headwinds, moderating pricing in domestic markets, with only modest improvements in volumes. Citi continues to favor names that can sustain above-peers growth, aided by emerging market exposure and lower private label penetration.