Estée Lauder Bulls Flee, Citing China Recovery Concerns
- Citi is fourth firm to downgrade beauty company in two weeks
- Analyst calls Estée Lauder’s recovery path ‘more uncertain’
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A slew of Wall Street analysts have downgraded Estée Lauder Cos. ahead of the beauty company’s quarterly earnings report, citing concerns around a prolonged recovery in its key China market.
Citi was the latest firm to walk away from its bullish rating, lowering Estée Lauder to neutral on Tuesday as analyst Filippo Falorni called the company’s recovery path “more uncertain” given weak signals from China and disruption from a recent cyber attack. Four firms have cut Estée Lauder in the past two weeks, sending its consensus rating to the lowest in almost three years.