BofA analyst Anna Lizzul raised the firm’s price target on e.l.f. Beauty to $105 from $75 and keeps a Buy rating on the shares. The stock has "increased an impressive 135% or so since September 2022," notes the firm, which sees room for outperformance and notes that its estimates remain above consensus in FY24 and FY25. The next catalysts for the stock include further shelf space gains, margin-accretive benefits from product innovation and category expansions, said the firm, which adds that it is moving to a DCF-based valuation method.
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