TD Cowen analyst Oliver Chen upgraded e.l.f. Beauty to Buy from Hold with a price target of $190, down from $220. The analyst sees potential for e.l.f. to double its business by fiscal 2027 with shelf space and international expansion as the driving forces. The firm sees the company’s new product innovations boosting overall growth at key franchises like Halo and Putty. It calls e.l.f. a “structural growth story with robust growth drivers” and expects the stock’s valuation multiple to re-rate higher.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ELF:
- Puig aims for valuation near $15B in IPO, WSJ reports
- e.l.f. Beauty CEO: Our value proposition continues to propel our growth
- e.l.f. Beauty price target raised to $228 from $225 at Piper Sandler
- e.l.f. Beauty falls -10.3%
- Oppenheimer says investors not rushing in to buy amid Ulta downbeat commentary