Truist analyst Bill Chappell raised the firm’s price target on e.l.f. Beauty to $75 from $50 and keeps a Buy rating on the shares. The company’s Q3 earnings beat demonstrated that its "strong momentum" – driven by innovation, strong category performance, and marketing efforts – continues, the analyst tells investors in a research note. The firm adds that it is "pleased" with e.l.f. Beauty’s consistent improvements in gross margin.
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