e.l.f. Beauty price target raised to $185 from $177 at Piper Sandler

Piper Sandler raised the firm’s price target on e.l.f. Beauty to $185 from $177 and keeps an Overweight rating on the shares. With shares sitting at elevated levels, investors are becoming increasingly focused on e.l.f. Beauty’s marketing strategy as it relates to how sustainable current sales levels are, how additional market share be captured, and what kind of key person risk is there, the firm notes. Piper continues to see a healthy earnings power trajectory for e.l.f. Beauty, with more recent awareness initiatives likely to drive compelling near term sales upside.