BofA analyst Anna Lizzul raised the firm’s price target on e.l.f. Beauty to $155 from $120 and keeps a Buy rating on the shares. Q1 results showed “an impressive beat” and the company raised FY24 guidance, notes the firm, which sees “further acceleration.” A premium multiple is warranted as the company is still in a high growth phase and continues to diversify its portfolio and customer base, the analyst tells investors.
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Read More on ELF:
- e.l.f. Beauty (NYSE:ELF) Soars on Robust Q1 Showing; Boosts Outlook
- e.l.f. Beauty jumps 14% to $133.38 after Q1 earnings beat, guidance raise
- e.l.f. Beauty raises FY24 EPS view to $2.19-$2.22 from $1.73-$1.76
- e.l.f. Beauty reports Q1 EPS $1.10, consensus 56c
- E.l.f. Beauty options imply 9.0% move in share price post-earnings