Piper Sandler notes e.l.f. Beauty was trading off by 12% today following a challenging couple months and the firm would “understand investor hesitations” around recently-released scanner data showing deceleration as well as investors taking gains ahead of tomorrow afternoon’s earnings release. However, the firm views significant downward moves such as today’s as “overblown” and would advise investors to take advantage of the weakness. Piper maintains an Overweight rating and $152 price target on e.l.f. shares.
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