Estee Lauder’s ability reclaim its historical level of steady growth is being questioned by RBC Capital Markets in a research note. The analysts say to get there the cosmetics giant needs to modernize its brands and portfolio strategy and may need another restructuring. The believe guidance seems appropriate for the current situation, but they say stock is likely pricing in a faster recovery to top-line than current thinking allows. Furthermore, the narrative on the stock has been focused around its travel retail recovery, but investors should also focus on how the company’s brands adapt to the evolving beauty market. Shares are off 0.2% to $134.54.