Estee Lauder price target lowered to $146 from $162 at Canaccord

Canaccord analyst Susan Anderson lowered the firm’s price target on Estee Lauder to $146 from $162 and keeps a Buy rating on the shares. The firm said management’s initial 1Q24 and FY24 guidance indicates a slow but sequentially improving recovery in the travel retail channel. Despite recent positive news around potential catalysts for recovery, such as the resumption of allowing group tours for Chinese citizens, the macro picture in the Mainland looks bleak and they believe a slowdown in North America is starting to occur.