Estee Lauder (EL) guided fiscal 2026 earnings below consensus expectations signaling continued pressure from travel retail and tariff headwinds, Oppenheimer said in a note Wednesday.

"Following multiple street upgrades and major outperformance lately, we expect shares to be under pressure today," the note said.

The company introduced guidance below consensus across key metrics and noted its outlook incorporates about $100 million tariff net impact, according to the note.

"We are encouraged by the aggressive actions of the new leadership team to stabilize the business, but believe turnaround efforts will take time to meaningfully impact the P&L," the analysts said.

Oppenheimer reiterated a perform rating on the stock.

Shares of Estee Lauder fell 6% in recent Wednesday trading.

Price: 84.53, Change: -5.34, Percent Change: -5.94