Estee Lauder price target lowered to $185 from $199 at HSBC

HSBC lowered the firm’s price target on Estee Lauder to $185 from $199 and keeps a Buy rating on the shares. After seven quarters of double digit earnings decline, Estee posted growth in fiscal Q3 but the rebound will be more gradual than expected. The company’s earnings guidance is higher but the sales indication “underwhelms” and the lack of management change could keep investors away, the analyst tells investors in a research note.