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Fly News Breaks for January 31, 2020
Jan 31, 2020 | 07:42 EDT
Stifel analyst Mark Astrachan reduced his near-term estimates for Estee Lauder to reflect the anticipated impact from the ongoing coronavirus outbreak on its mainland China businesses and its travel retail segment, adding that he anticipates the company will likely update second half guidance in conjunction with its December quarter earnings report on February 6. The analyst, who expects the company to recoup most lost sales in FY21, believes shares are likely to remain volatile in the near-term but views any weakness as a buying opportunity for long-term investors. Astrachan keeps a Buy rating and $230 price target on Estee Lauder shares.
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