Estée Lauder: share price falls on BofA downgrade
(CercleFinance.com) - Estée Lauder shares fell 0.
2% on Friday in New York, as Bank of America downgraded the stock from 'buy' to 'neutral'.
In its comments, the broker recalls that its March upgrade was based on the prospect of stabilising activity in China.
On the contrary, it points out, activity has slowed down again since then, calling into question the timing of the cosmetics group's next performance turnaround.
BofA says it has therefore lowered its sales and earnings forecasts to 2027, and has significantly reduced its target from $140 to $100.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
2% on Friday in New York, as Bank of America downgraded the stock from 'buy' to 'neutral'.
In its comments, the broker recalls that its March upgrade was based on the prospect of stabilising activity in China.
On the contrary, it points out, activity has slowed down again since then, calling into question the timing of the cosmetics group's next performance turnaround.
BofA says it has therefore lowered its sales and earnings forecasts to 2027, and has significantly reduced its target from $140 to $100.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.