Estee Lauder price target lowered to $89 from $122 at Piper Sandler

Piper Sandler lowered the firm’s price target on Estee Lauder (EL) to $89 from $122 and keeps an Overweight rating on the shares. The share selloff on the company’s forward commentary and decision to withdraw fiscal year guidance “seems be a more near-term reaction” with opportunity to reverse upon new leadership and efforts to improve visibility, the analyst tells investors in a research note. Further, the firm says management is sticking to their word around gross margin improvements and brand re-build progress, increasing optimism around these factors materializing further.