Estee Lauder price target lowered to $115 from $142 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Estee Lauder to $115 from $142 and keeps a Market Perform rating on the shares following the announcement of the planned retirement of Tracey Travis. The firm believes this announcement could be the beginning of the “changing of the guard” at the company, the analyst tells investors. While the company had significant success leading up to and coming out of the pandemic, China’s travel retail has proved to be more challenging than anticipated, the firm adds. While the company is taking “steps in the right direction,” there is still work to be done to reposition the company for faster, more profitable growth globally, the firm says.