Estee Lauder Stock Is Trading Lower Monday: What's Behind The Move?

Estee Lauder Companies Inc EL shares are trading lower Monday following continued negative analyst adjustments. 

What To Know: Piper Sandler analyst Korinne Wolfmeyer downgraded Estee Lauder from an Overweight rating to a Neutral rating and lowered the price target from $265 to $195. Raymond James also cut its price target from $240 to $220 on Monday.

The analyst changes follow similar analyst adjustments from last week. On Thursday, Barclays analyst Kannan Venkateshwar downgraded Estee Lauder from an Overweight rating to an Equal-Weight rating and lowered the price target from $210 to $193. On Friday, TD Cowen lowered its price target from $235 to $210.

At the beginning of last week, Estee Lauder identified a cybersecurity incident in which an unauthorized third party gained access to some of its systems. The company said it believes the hacker obtained some data from its systems and noted that it's working to understand the nature and scope of the data leak. 

"The incident has caused, and is expected to continue to cause, disruption to parts of the Company's business operations," Estee Lauder said. 

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EL Price Action: Estee Lauder shares were down 3.18% at $173.95 at the time of writing, according to Benzinga Pro.

Photo: Iguanat from Pixabay.