Faced with heavy competition in the U.S. and China's recovery taking longer than expected, Estée Lauder ( NYSE: EL ) faces increased challenges in its two most important markets, limiting any upside potential in the stock price. Lacking conviction that the inflection point for the cosmetics company is coming and with shares down on earnings day in 8 of the last 10 quarters, Raymond James double downgraded Estée Lauder to Market Perform from Strong Buy.