e.l.f. Beauty price target raised to $228 from $225 at Piper Sandler

Piper Sandler raised the firm’s price target on e.l.f. Beauty (ELF) to $228 from $225 and keeps an Overweight rating on the shares. The firm’s 47th semi-annual Taking Stock With Teens Survey showed that beauty remains a strong and growing category for younger consumers, but there are areas of moderation. Piper still believes beauty stock reactions to recent Ulta Beauty (ULTA) commentary were overdone, though there is some truth to that commentary with both skincare and makeup decelerating to +low/mid-single-digit percentage year-over-year vs. +low double-digits percentage the past several surveys.