Estée Lauder’s latest results, coupled with its guidance withdrawal, further reduces its visibility on its path to recovery, Morgan Stanley analysts say in a research note. The cosmetics company’s incoming CEO Stéphane de La Faverie will likely need to add aggressive cost-cutting measures and reinvestments behind the company’s portfolio once he takes over the top job, the analysts add. “Bottom line, Estée Lauder is acknowledging incremental weakness in Asia travel retail in guidance, which drives weak second-quarter guidance and withdrawn full-year guidance.” Shares drop 19% to $71.01.