DA Davidson analyst Linda Bolton Weiser lowered the firm’s price target on Elf Beauty (ELF) to $170 from $223 and keeps a Buy rating on the shares. The company’s Q2 results topped estimates and the firm is positive on Elf’s pipeline fill in the second half due to new space at Dollar General (DG) and expansion at Target (TGT), though DA Davidson is also reducing its assumed earnings multiple to 26-times from 38-times to reflect the beauty category slowdown, the analyst tells investors in a research note.
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