e.l.f. Beauty upgraded to Buy at Jefferies on valuation

Jefferies analyst Ashley Helgans upgraded e.l.f. Beauty to Buy from Hold with a price target of $115, up from $110. The analyst notes that the recent pullback in EBITDA multiple to 23-times from 37-times has created a buying opportunity as underlying demand remains robust while the benefits from M&A, international expansion, and share gains should more than offset tough comps in FY25. e.l.f. Beauty has grown above historical levels over the past year, but the brand still has significant whitespace opportunity in the U.S., the firm added.