Stifel analyst Mark Astrachan raised the firm’s price target on e.l.f. Beauty to $127 from $107 and keeps a Hold rating on the shares. The company’s Q1 sales and adjusted EBITDA came in ahead of consensus, the analyst tells investors. The reported “strong” sales growth reflected continued share gains, which was driven by increased investment, shelf-space gains, and digital and international growth, Stifel says.
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