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EL

Estee Lauder

$135.97

2.43 (1.82%)

06:51
08/20/18
08/20
06:51
08/20/18
06:51

Estee Lauder raises FY19 restructuring charges to $900M-$950M from $600-$700M

Global prestige beauty is continuing to perform exceptionally well and is estimated to grow 5% to 6% during the fiscal year. The Company expects to grow ahead of the industry. Last quarter, the Company disclosed it was conducting a review of certain testing related to product advertising claims support. The review is ongoing and, based on the review to date, the Company does not believe that this matter will be material. For fiscal 2019, there are two items expected to negatively impact sales growth. The Company has adopted the new revenue recognition accounting standard using a modified retrospective adoption method, which means fiscal year 2018 is not restated. As fiscal 2019 is the transition year for this accounting change, the year-over-year growth rate will be reduced as a result of adopting this new standard. The recent strengthening of the U.S. dollar is also expected to negatively impact growth. In May 2016, the Company announced its Leading Beauty Forward initiative to build on its strengths and better leverage its cost structure. The Company previously estimated that Leading Beauty Forward would result in related restructuring and other charges totaling between $600 million and $700 million, before taxes. After reviewing additional potential initiatives and the progress of previously approved initiatives under Leading Beauty Forward, the Company now expects restructuring and other charges to be between $900 million and $950 million, before taxes. The Company is also revising its previous estimate of annual net benefits of between $200 million and $300 million, before taxes. After its full implementation, the Company now expects Leading Beauty Forward to yield annual net benefits of between $350 million and $450 million, before taxes. These savings can be used to improve margin, mitigate risk and invest in future growth initiatives. The Company is also mindful of risks related to social and political issues, geopolitical tensions, regulatory matters, including the imposition of tariffs, global security issues, currency volatility and economic challenges affecting consumer spending in certain countries and travel corridors. The Company is also cautious of the decline in retail traffic, primarily related to certain brick-and-mortar stores in the United States and the United Kingdom.

  • 20

    Aug

EL Estee Lauder
$135.97

2.43 (1.82%)

07/26/18
OPCO
07/26/18
DOWNGRADE
OPCO
Perform
Oppenheimer downgrades e.l.f. Beauty to Perform on estimate risk
Oppenheimer analyst Rupesh Parikh downgraded e.l.f. Beauty (ELF) to Perform from Outperform saying the bull case is more uncertain from here. The analyst does not have a price target for the shares. Recent developments, including "still challenging trends" in the mass category and increased tariff uncertainty, bring greater risk to consensus forecasts, Parikh tells investors in a research note. He is harder-pressed to see the case for share outperformance. Ulta Beauty (ULTA) and Estee Lauder (EL) remain Parikh's top picks in beauty.
07/26/18
07/26/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. PIPER CUTS 3D SYSTEMS TO UNDERWEIGHT: Piper Jaffray analyst Troy Jensen downgraded 3D Systems (DDD) to Underweight from Neutral with a $10 price target. He believes competition for the company's main product lines is intensifying. The analyst also thinks 3D will need to increase spending on direct sales, customer support and consulting, meaning "meaningful profitability" will likely be more challenged than revenue growth throughout 2018. He views the stock as overvalued. While Jensen continues to believe the overall 3D printing industry is "growing rapidly," he remains cautious on shares of 3D Systems and Stratasys (SSYS). He reiterated a Neutral rating on the latter. OPCO CUTS E.L.F. TO PERFORM: Oppenheimer analyst Rupesh Parikh downgraded e.l.f. Beauty (ELF) to Perform from Outperform saying the bull case is more uncertain from here. The analyst does not have a price target for the shares. Recent developments, including "still challenging trends" in the mass category and increased tariff uncertainty, bring greater risk to consensus forecasts, Parikh tells investors in a research note. He is harder-pressed to see the case for share outperformance. Ulta Beauty (ULTA) and Estee Lauder (EL) remain Parikh's top picks in beauty. FACEBOOK GETS MULTIPLE DOWNGRADES AFTER Q2 EARNINGS: Nomura Instinet analyst Mark Kelley downgraded Facebook (FB) to Neutral from Buy after the company delivered "underwhelming" Q2 results and guided for revenue growth deceleration through the end of the year. The revenue guidance paired with the expectation for mid-30% operating margins in the medium term or possibly longer means consensus numbers will be cut "drastically," he said. He lowered his price target on Facebook shares to $183 from $228. Facebook was also downgraded to Neutral from Buy by UBS analyst Eric Sheridan, who also lowered his price target for the shares to $180 from $212, and to Outperform from Strong Buy at Raymond James. Facebook shares are down over 19% in late morning trading. PIPER SAYS BIOGEN SELLOFF A BUYING OPPORTUNITY: Biogen (BIIB) shares "will recover and continue to work" into aducanumab's full Phase 3 data in 2020, Piper Jaffray analyst Christopher Raymond told investors. With the stock having run up into these data, the analyst said he understood the "sell-the-news" phenomenon. He believes, however, that the fundamental concerns he's heard from investors "don't seem to hold water." The analyst said to buy Biogen shares on the selloff. He kept an Overweight rating on the name with a $400 price target.
08/14/18
OPCO
08/14/18
NO CHANGE
Target $148
OPCO
Outperform
Estee Lauder price target lowered to $148 from $170 at Oppenheimer
Oppenheimer analyst Rupesh Parikh lowered his price target for Estee Lauder to $148 from $170 ahead of quarterly results. The analyst continues to look "very favorably" upon the company's long-term prospects, but expects a bumpier ride from here given prospects for slowing top and bottom-line growth and increased geopolitical uncertainty. Given the potential for less earnings upside and increased uncertainty near-term, Parikh is removing Estee Lauder as a top pick. The analyst has an Outperform rating on the shares.
08/16/18
PIPR
08/16/18
NO CHANGE
Target $162
PIPR
Overweight
Piper Jaffray 'positive' on Estee Lauder despite wave of negative sentiment
Piper Jaffray analyst Erinn Murphy backed an Overweight rating and $162 price target on Estee Lauder ahead of quarterly results. The analyst says she "remains positive" ahead of the August 20 Q4 report despite a growing wave of negative sentiment. While geopolitical risk remains, Murphy believe Estee Lauder's growth vectors -- China, digital, prestige, and skincare -- should support FY19 guidance that brackets the Street's estimates.

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