Estee Lauder Companies Inc EL reported better-than-expected fourth-quarter earnings, but issued weak guidance.
Estee Lauder reported fourth-quarter FY23 sales growth of 1% year-on-year to $3.61 billion, beating the analyst consensus of $3.47 billion. Adjusted EPS of $0.07 beat the analyst consensus of $(0.03).
Estee Lauder sees FY24 adjusted EPS of $3.50-$3.75, against the consensus of $4.83. EL sees FY24 sales growth of 5% – 7%. The company expects first-quarter FY24 adjusted EPS of $(0.31) – $(0.21) against the consensus of $0.99. Q1 FY24 revenue to decline 12% – 10%.
The company’s shares fell 3.3% to close at $156.69 on Friday.
These analysts made changes to their price targets on Estee Lauder following earnings announcement.
Telsey Advisory Group cut the price target on Estee Lauder from $250 to $210. Telsey Advisory Group analyst Dana Telsey maintained an Outperform rating.
Raymond James slashed the price target on Estee Lauder from $220 to $195. Raymond James analyst Olivia Tong maintained a Strong Buy rating.
Citigroup lowered the price target on Estee Lauder from $195 to $165. Citigroup analyst Filippo Falorni maintained a Neutral rating.
Check This Out: Napco Security Technologies And Other Big Stocks Moving Lower In Monday’s Pre-Market Session
Image and article originally from www.benzinga.com. Read the original article here.