The Estée Lauder Companies Inc. (NYSE:EL) shares lost around 30% since the start of the year, which, according to analysts at Oppenheimer, is attributable both geopolitical pressures and, more recently, China COVID-19 headwinds.

The analysts expect the China lockdowns to impact the company more materially near term. As a result, the analysts adjusted their estimates to reflect potential headwinds in Mainland China/travel retail related to COVID-19, a modest adverse impact related to Ukraine/Russia, and a stronger US dollar. The analyst lowered their price target on the company’s shares to $300 from $350.

The analysts view current levels as an attractive entry point for longer-term players but find it harder to call a bottom given greater modeling risks and valuation above trough levels.