Market News

Adore Beauty Group (ASX:ABY) shares rise

Story Highlights

Adore Beauty shares surged, recovering some of the company’s heavy losses sustained so far this year.

Adore Beauty Group (ASX:ABY) shares rose more than 6% to trade around $AU1.80 of September 12.

Adore Beauty is an online beauty products retailer. It sells cosmetics, makeups, skincare, and hair products. The company plans to host its 2022 Annual General Meeting on November 14. 

Adore Beauty’s Share Price Forecast

Although Adore Beauty’s shares have risen about 47% over the past three months, the shares are still down almost 60% from where they began the year. However, analysts remain bullish on the stock. According to TipRanks’ analyst rating consensus, ABY stock is a Moderate Buy. The average Adore Beauty share price forecast of $2.14 implies over 21% upside potential.  

Adore Beauty stock is getting favorable mentions on financial blogs. TipRanks data shows that financial blogger opinions are 71% Bullish on ABY, compared to a sector average of 65%.

Final thoughts

ABY shares are still showing substantial upside potential according to TipRanks insights. Moreover, considering how steeply the stock has retreated from where it was at the start of 2022, investors who may be looking to buy the dip may still have a chance to do so.


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