UPDATE: Morgan Stanley Reiterates On Estee Lauder Companies Following Q1 EPS

In a report published Thursday, Morgan Stanley analyst Dara Mohsenian reiterated an Overweight rating on

, but removed the $83.00 price target. In the report, Morgan Stanley noted, “EL posted another solid quarter of 5% FX-neutral timing adj. sales growth, although on a two-yr avg. basis, EL's +5.5% result was a slight deceleration vs. its ~6% LTM average, as shown in Exhibit 1. However, Q2 results are expected to slow to 3-4% org. sales growth guidance on Hong Kong/China/Travel Retail/US weakness, particularly with recent Hong Kong protests (Hong Kong is 3% of EL's mix and protest areas were down 40% in October with overall Hong Kong down 20%).” Estee Lauder Companies closed on Wednesday at $72.62.