Citi downgrades Estee Lauder, says difficulties in Asia can hurt stock near term

News Snapshot:

A challenging outlook for Estee Lauder 's Asia business has pushed Citi to the sidelines on its stock. Analyst Filippo Falorni downgraded the beauty company's stock to neutral from buy and cut his price target by $45 to $195. His new target implies shares could rise 8.3% in the next 12 months from Monday's close. "We had previously highlighted in our negative catalyst watch our concern with initial FY'24 guidance, but we now see more risk to the recovery path in 2H24," Falorni said in a note to clients Tuesday. "We remain optimistic about the long-term revenue and margin opportunities...