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Dara Warren Mohsenian

Research Analyst at Morgan Stanley

Dara Warren Mohsenian is Managing Director and Senior Equity Analyst at Morgan Stanley, specializing in the consumer staples sector with a particular focus on household products, beverages, cosmetics, and food companies. He covers approximately 30 major companies, including Constellation Brands, Coca-Cola, PepsiCo, and ELF Beauty, and maintains a strong performance record, including a 61.2% success rate and an average return of 9.23% according to TipRanks and StockAnalysis. Mohsenian began his analyst career in the late 1990s, spending a decade at JPMorgan covering consumer staples, with earlier roles at Sanford C. Bernstein and PaineWebber, before joining Morgan Stanley in 2009. He holds a BA in economics from Tufts University, the Chartered Financial Analyst (CFA) designation, and is registered with FINRA through Morgan Stanley.

Dara Warren Mohsenian's questions to ESTEE LAUDER COMPANIES (EL) leadership

Question · Q1 2026

Dara Warren Mohsenian sought clarity on why the full-year top-line guidance remained unchanged despite a strong Q1, and inquired about the sustainability of recent share gains in mainland China over the longer term.

Answer

President and CEO Stéphane de La Faverie attributed the unchanged guidance to early fiscal year timing, ongoing macro volatility, and tougher comparisons in the second half, particularly in China and travel retail. He confirmed strong, broad-based share gains in China. Executive Vice President and CFO Akhil Shrivastava reiterated the thoughtful nature of the initial guidance, emphasizing the continued challenging macro environment and the company's focus on sustainable, long-term growth.

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Question · Q1 2026

Dara Warren Mohsenian sought clarity on why the full-year top-line guidance remained unchanged despite a strong 3% organic sales growth in fiscal Q1, asking if it reflected conservatism. He also questioned the sustainability of recent solid share gains in mainland China over the next few years and the short-term drivers.

Answer

President and CEO Stéphane de La Faverie explained that while China showed strong double-digit growth and market share gains across brands and channels, the full-year guidance considers the balance between the first half (lapping lower numbers in China and travel retail) and the second half (anniversarying recovery). He cited ongoing macro volatility, trade policies, and subdued consumer confidence in some regions. EVP and CFO Akhil Shrivastava added that the guidance was thoughtful for long-term investment, acknowledging continued macro challenges and the 2-3% industry outlook. He reiterated the front-half/back-half cadence due to prior-year comparisons in travel retail and China.

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