Raymond James analyst Olivia Tong raised the firm’s price target on e.l.f. Beauty to $75 from $63 and keeps an Outperform rating on the shares. The company reported Q3 sales up 49% y/y and EPS also well above consensus, blowing past even the most optimistic of expectations, the analyst tells investors in a research note. A premium multiple is warranted by the scarcity of high-growth assets with still significant whitespace opportunity, Raymond James contends.
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