RBC Capital lowered the firm’s price target on Estee Lauder to $195 from $265 but keeps an Outperform rating on the shares ahead of its Q2 earnings on Friday. Data points have skewed negative for the company, particularly in China, but the stock is down over 30% year-to-date and buy side sentiment is extremely low, the analyst tells investors in a research note. Estee Lauder’s guidance cut last quarter was likely enough to account for the challenges, and the company should be able to clear the buy-side consensus for FY24, which is well below that of sell-side, the firm added.
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