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.
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