Estee Lauder price target lowered to $200 from $250 at Evercore ISI

Evercore ISI analyst Robert Ottenstein lowered the firm’s price target on Estee Lauder to $200 from $250 and keeps an Outperform rating on the shares following the company’s Q4 earnings and initial fiscal 2024 guidance. Estee “reset the bar low enough” to account for one or two more quarters of destocking in Asia duty-frees and reinvestment in mainland China to recapture sales, says the analyst, who highlights datapoints from the report that were “encouraging” as they speak of brand health and “cut through the noise from continued destocking in duty-frees.”