Analysts at Deutsche Bank provided their outlook on The Estée Lauder Companies Inc. (NYSE:EL) ahead of the company’s Q1 earnings report.

The analysts overall agree with the consensus estimates; however, they are cognizant of a number of cross-currents exemplified by recent results from LVMH P&C, PG/SK-II, and L'Oreal Luxe. Specifically, while LVMH P&C results were largely in line with the Street estimates and L'Oreal Luxe slightly better than the Street, the analysts note that industry dynamics point to stronger-than-anticipated results in the US offset by relative underperformance in China/Asia/Hainan.

As a result of this, analysts lowered their piece target on the company’s shares to $342 from $347, while keeping their hold rating unchanged.