BofA raised the firm’s price target on e.l.f. Beauty to $165 from $155 and keeps a Buy rating on the shares after the company announced “its largest acquisition to date,” a $355M deal for skincare brand Naturium. The firm believes a premium multiple for e.l.f. is warranted as the company’s sales and market share accelerate and argues that Naturium fits well into the company’s portfolio.
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