BofA raised the firm’s price target on e.l.f. Beauty to $190 from $160 and keeps a Buy rating on the shares. The firm has raised its fiscal Q3 sales growth estimate to 68% from 65% and Q4 to 40% from 35% as tracked channel growth has come in ahead of expectations, the analyst tells investors. The company has exceeded Street estimates and raised guidance throughout FY24, added the analyst, who notes that the firm’s view remains above consensus on adjusted EBITDA in FY24 and FY25.
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