UPDATE: Citigroup Downgrades Estee Lauder to Neutral

Citigroup lowers its rating on Estee Lauder

to Neutral from Buy and lowers its price target to $64 from $67.50 on near-term concerns on top-line and margin performance. Citigroup says, "While we still consider EL to be a high quality “buy and hold” story, we fear that during CY12, the stock may mark time as sales and EPS growth are pressured by: (i) higher investment spending, (ii) possible category slowdown given macro weakness and (iii) f/x headwinds." EL closed at $56.90 a share on Friday.