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Goldman Removes Estee Lauder from 'Recommended List'

Goldman Sachs removed Estee Lauder (EL) from its recommended list, now rates market outperform.

On Wednesday the cosmetics company posted $0.35 vs. $0.50 Q2 EPS. Analyst Amy Low Chasen says her downgrade is based on her belief that the combination of lower sales growth, and its increased reliance on cost reduction to drive EPS growth will put a cap on the stock's valuation over the next one or two years. She cut her 8%-9% sales growth forecast to 4%-6%, and trimmed the 12%-13% EPS growth estimate to 10%-12%. Low Chasen she says these figures still are better than most other consumer companies, but she notes her discount cash flow model now suggests the stock is fairly to slightly overvalued, rather than being significantly undervalued.

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