Estee Lauder’s guidance cut for the year proves demand trends have worsened sequentially in Mainland China, and not only at the Asian country’s travel retail destinations, JPMorgan analysts say in a research note. The key to the cosmetics company’s recovery will be to clear excess inventory in both travel retail and at department stores in Mainland China, and the elimination of discounts to eliminate daigous, also known as personal shoppers. JPMorgan cuts its target price to $$118 from $173.