Estee Lauder price target lowered to $75 from $92 at Piper Sandler

Piper Sandler lowered the firm’s price target on Estee Lauder (EL) to $75 from $92 and keeps an Overweight rating on the shares. The firm notes Q3 results were better than expected, and while full year sales guidance did come in lighter, ongoing cost savings should continue to support margin progression and the bottom line. Management’s new Beauty Reimagined vision is also starting to bear fruit, and with a number of mitigation efforts in place to help offset tariff impacts, a return to sales growth and margin expansion in FY26 looks achievable, Piper adds. Shares were trading down as investors demand more tangible evidence and fear uncertainty, but at current levels, the firm believes the risk/reward looks attractive.