Estee Lauder price target lowered to $185 from $214 at DA Davidson

DA Davidson lowered the firm’s price target on Estee Lauder to $185 from $214 but keeps a Buy rating on the shares. The company’s Q4 organic sales growth of 4% improved from the 8% decline in Q3, but the guidance for FY24 was below consensus, the analyst tells investors in a research note. Conditions in Hainan are still quite negative, and Estee Lauder guided a “very low” Q1, even though the rest of the business was strong, the firm states. DA Davidson is still cutting its EPS estimates however, with FY24 now seen at $3.50 vs. $4.30 prior and FY25 at $5.12 vs. $5.61 prior.