Estee Lauder price target lowered to $165 from $195 at Citi

Citi analyst Filippo Falorni lowered the firm’s price target on Estee Lauder to $165 from $195 and keeps a Neutral rating on the shares. The company delivered a fiscal Q4 beat but all the focus was on the initial fiscal 2024 guidance, which came in well below expectations, the analyst tells investors in a research note. The firm continues to see an uncertain recovery path for Estee Lauder with incremental negative data points on China/Hainan pushing out a sales and earnings recovery.