Stifel analyst Mark Astrachan raised the firm’s price target on e.l.f. Beauty to $50 from $43 and keeps a Hold rating on the shares. The firm has lifted its FY23 and FY24 sales and adjusted EBITDA estimates above consensus as scanner data shows continued sales momentum. Stifel thinks the company’s superior value relative to many competing brands "provides insulation should macroeconomic volatility further hurt discretionary spending," it added.
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