Stocks the most at risk from tariffs and other ways to play the election, per Wolfe Research

Stocks with higher exposure to overseas operations could underperform under a Republican presidency, according to Wolfe Research. Less than two weeks are left until the U.S. presidential election. A Democratic versus Republican win could mean vastly different outcomes for investors. Republican nominee Donald Trump has expressed that should he regain the presidency, he will establish universal tariffs as a key economic policy tool.

"Recent trip to Greater China and warnings in the beauty segment point to an excessive optimism on our part," the firm wrote. "Restructuring ongoing with morale likely leading to staff leakage and lack of external hire as CEO now our base case." Analyst Erwan Rambourg lowered his target price on the stock to $100 from $130. This updated forecast implies that shares of Estée Lauder could rise about 14% from their Wednesday close.

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