Estee Lauder price target lowered to $105 from $111 at Wells Fargo

Wells Fargo lowered the firm’s price target on Estee Lauder (EL) to $105 from $111 and keeps an Equal Weight rating on the shares following substantial move. The firm notes “the bar was exceptionally high,” more than 40 times FY27 EPS. Results/guidance needed to be pristine, but reality is rarely so linear, Wells adds. With one blip in China TR and tougher second half of the year comparable sales ahead, the bull case was dinged, argues the firm.