DA Davidson says ‘case can be made’ for e.l.f. Beauty sales doubling

DA Davidson notes that e.l.f. Beauty (ELF) presented at the CAGNY Conference today for the first time, where the company highlighted growth opportunities in U.S. color cosmetics, skincare, and international. Today, e.l.f. disclosed that in the last four weeks, POS data indicate its share at Target (TGT) surpassed 20% for the first time and the analyst noted that Maybelline, the number one U.S. brand, “can show a share of 15%-16%, depending on the retailer.” The firm, which contends that “a case can be made for a doubling of sales from here,” reiterates a Buy rating and $220 price target on e.l.f. shares.