Fly News Breaks for January 27, 2020
Jan 27, 2020 | 07:30 EDT
As previously reported, Oppenheimer analyst Rupesh Parikh downgraded Estee Lauder to Perform from Outperform with a price target of $210, down from $230, and removed the stock as a Top Pick. Following recent developments in China with the coronavirus coupled with the premium valuation at which shares trade, the analyst no longer views the risk/reward as attractive from current levels. Although difficult to measure the precise impact and the length at which the coronavirus-related challenges could persist within the Chinese economy, he now expects Estee Lauder's higher margin travel-retail segment to be adversely impacted at least in Q3 and potentially longer.
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