Stifel analyst Mark Astrachan lowered the firm’s price target on Estee Lauder to $225 from $265 and keeps a Buy rating on the shares ahead of the Q4 results. The price target reduction reflects an updated analysis of China travel retail sales that includes the negative impact from recent regulatory changes in Hainan, a slower Mainland China consumer recovery, and June quarter results from most global prestige beauty peers that suggests Estee Lauder likely lost market share in Q4, the analyst tells investors in a research note.
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