Estee Lauder downgraded to Hold from Buy at HSBC

HSBC analyst Erwan Rambourg downgraded Estee Lauder (EL) to Hold from Buy with a price target of $106, up from $105. The firm says Estee’s “modest” organic sales upgrade in quarter “underwhelmed” investors relative to expectations heading into the print. The company’s organic sales growth is set to slip in Q3, the analyst tells investors in a research note. The firm sees tougher China compares with easier U.S. comparatives “offsetting one another” in Estee’s second half of the fiscal year.