Piper Sandler raised the firm’s price target on Sally Beauty to $17 from $12 and keeps an Overweight rating on the shares. Heading into the year, the firm believes it’s prudent to take a more cautious view on the macro and favor names that fit as defensive plays. Piper is looking for strong/reliable fundamentals, names that are less cyclical, positioned to benefit from key beauty & wellness trends, and names that come at attractive valuations. However, it does see opportunity for the more discretionary and “growthy” names to come into favor as the year progresses.
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- Sally Beauty price target raised to $12 from $11 at Piper Sandler
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