Estee Lauder price target lowered to $77 from $81 at Stifel

Stifel lowered the firm’s price target on Estee Lauder (EL) to $77 from $81 and keeps a Hold rating on the shares after its Q2 results and guidance. The firm’s assumed lower multiple reflects its updated belief that efforts to improve meaningful share loss in recent years will require more time and investment than previously anticipated, the analyst tells investors in a research note. Stifel adds it is “underwhelmed” by the company’s updated leadership team structure, thinking it could add complexity at a time when faster decision-making is needed.