Morgan Stanley upgraded Elf Beauty (ELF) to Overweight from Equal Weight with a price target of $153, up from $139. The stocks’ valuation looks compelling relative to Elf’s “outsized” long-term growth potential after a sharp pullback in the stock in the second half of 2024, the analyst tells investors in a research note. The firm says U.S. scanner data leveled off recently to “still solid” growth, and Elf has strong long-term growth for international as well as easier comparisons ahead.
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