Piper Jaffray Downgrades Estee Lauder (EL) to Neutral
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Piper Jaffray downgraded Estee Lauder (NYSE: EL) from Overweight to Neutral with a price target of $90.00 following the firm's 32nd semi-annual Taking Stock With Teens survey.
Analyst Stephanie Wissink said, "EL’s brands overall ceded 200bps of share Y/Y and sequentially since spring. As the artisanal makeup brand space becomes more competitive, the company’s legacy brands are less able to rely on traditional marketing and promotional tactics to gain share. The millennial-focused Estee Edit line, launched in March, did not appear within our survey."
Shares of Estee Lauder closed at $88.18 yesterday.
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