DA Davidson added e.l.f. Beauty (ELF) to the firm’s “Best-of-Breed Bison” list, which includes “best in class companies with sustainable moats and favorable risk / reward dynamics.” The company has a historical 5-year sales CAGR of over 25%, and sales have increased y/y for the last 21 quarters, also rising double-digits in 15 of the last 21 quarters thanks to its “steady market share gains”, the analyst tells investors in a research note. The e.l.f. brand also has key growth drivers that include gaining more shelf space at Target (TGT), where e.l.f. is #1 in sales but not in space and more shelf space at Walmart (WMT), the firm added. DA Davidson keeps a Buy rating on the shares with a $220 price target.
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