e.l.f. Beauty price target raised to $177 from $152 at Piper Sandler

Piper Sandler analyst Korinne Wolfmeyer raised the firm’s price target on e.l.f. Beauty to $177 from $152 and keeps an Overweight rating on the shares. Heading into the year, the firm believes it’s prudent to take a more cautious view on the macro and favor names that fit as defensive plays. Piper is looking for strong/reliable fundamentals, names that are less cyclical, positioned to benefit from key beauty & wellness trends, and names that come at attractive valuations. However, it does see opportunity for the more discretionary and “growthy” names to come into favor as the year progresses.