Estee Lauder falls as Oppenheimer cuts PT

Helen of Troy

27/09/2022 18:53

** Shares in cosmetics maker Estee Lauder  EL.N  fall 3.2%
to $225.08
    ** Consumer staples stocks meaningfully underperform during
periods of rising 10-year Treasury yields and cycles of Fed
funds rate increases, Oppenheimer analyst Rupesh Parikh writes
in a note
    ** Parikh says the brokerage views the group with caution in
the shorter term following a number of forecasts cuts in the
consumer packaged goods space and with prospects for a continued
rising rate backdrop
    ** Oppenheimer cuts its PT on Estee Lauder to $275 from
$300, well below current median PT of $313 - Refinitiv
    ** The brokerage also says it treads cautiously toward
Beyond Meat  BYND.O , Oatly Group AB  OTLY.O , PetIQ  PETQ.O 
and Helen of Troy  HELE.O  
    ** Oppenheimer still says Estee Lauder, Church & Dwight
 CHD.N  and Prestige Consumer Healthcare  PBH.N  represent its
top consumer staples picks
    ** Estee Lauder shares, rated "buy" on average, have
declined 39% this year    
 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))