Estee Lauder price target lowered to $85 from $90 at BofA

BofA analyst Bryan Spillane lowered the firm’s price target on Estee Lauder (EL) to $85 from $90 and keeps a Neutral rating on the shares. Under new CEO Stephane de La Faverie, Estee has “seemingly accepted the reality that China and Asia Travel Retail sales and profits are rebasing lower,” the analyst tells investors. More than before, the firm thinks an earnings recovery will depend on sustained improvement in the United States, the analyst added.