e.l.f. Beauty price target lowered to $216 from $228 at Piper Sandler

Piper Sandler analyst Korinne Wolfmeyer lowered the firm’s price target on e.l.f. Beauty to $216 from $228 and keeps an Overweight rating on the shares. The firm believes International is set to experience meaningful expansion in the coming years and will support strong double digit company-wide growth for the foreseeable future. This does not look to be factored into current estimates or the share price, suggesting meaningful value to be unlocked, says Piper. Of note, this is a 6-plus month call as the firm thinks it’s reasonable to believe additional international build-out could come in the second half of 2025, whereas the next few months could still be bumpy given where it believes 2025 guidance will initially be set. With this stock showing a history of reactive trading, a lighter than hoped for outlook next week could limit share appreciation in the very near-term. However, it’s the potential beyond Q4 and even early 2025 that keeps Piper naming e.l.f. Beauty a top idea.