Telsey Advisory lowered the firm’s price target on Estee Lauder to $142 from $155 and keeps a Market Perform rating on the shares. The company’s Q3 results were “better than expected,” with strong leverage across its gross margin and SG&A ratio, the analyst tells investors. Looking forward, the company believes the second half of the year is an inflection point in terms of organic sales growth and margin expansion, but the moderation of FY24 topline growth reflects ongoing macro concerns, the firm adds.