BofA raised the firm’s price target on e.l.f. Beauty (ELF) to $230 from $200 and keeps a Buy rating on the shares. e.l.f. has its “single-largest whitespace opportunity” at Walmart (WMT) and over time the firm expects shelf space at Walmart to exceed that of Target (TGT), as the retailer has 13 times the number of Walmart supercenter locations versus the number of Target large format stores, the analyst tells investors. The firm raised its Q4 sales growth estimate to 56% from 52% and notes that its estimates remain above consensus.
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