THE WHAT? Citi has become the latest investment bank to downgrade The Estee Lauder Companies’ rating. Analysts for the firm lowered ELC to ‘neutral’ ahead of the US prestige beauty giant’s quarterly earnings report.  

THE DETAILS Citi’s assessment follows similar decisions by Barclays, Piper Sandler and Jefferies, all of whom have dropped the owner of MAC make-up’s rating.

THE WHY? The consensus is that Lauder continues to be over reliant on the struggling Chinese market and travel retail channel, and has seen its shares drop 29 percent over the course of 2023. What’s more, rumors of a luxury slowdown in the US have investors concerned for the future performance of the company.