Stifel analyst Mark Astrachan maintained a Buy rating on Estee Lauder (EL) but cut his price target to $145 from $150, citing a lower multiple that reflects compression across staples and luxury peers and increased risk of decelerating sales growth due to geopolitical and macroeconomic factors in China and Travel Retail. In a research note to investors, Astrachan says he believes global prestige beauty growth remains favorable, evidenced by strong results from LVMH (LVMUY), and continues to view FY sales growth expectations of 7%-8% as "conservative." Longer term he views sales and EPS targets of 6%-8% and double-digit as "achievable."

Deutsche Bank placed a "Catalyst Call: Buy" on Estee Lauder as a short-term investment idea. The analyst views the setup into Estee's fiscal Q3 results on May 1 "skewing positively." The firm sees the company as likely to report "in-line-to-better" results versus Street estimates, including confirmation that long-standing China travel retail inventory backlogs have been cleared, while reiterating fiscal 2024 guidance.