DA Davidson keeps a Buy rating and $170 price target on Elf Beauty (ELF) while naming the stock its “top pick” in the Beauty space following a positive holiday sales update out of Target (TGT). About 25% of Elf Beauty’s sales are to Target, and the firm believes that Elf can report another beat-and-raise quarter in February, the analyst tells investors in a research note. DA Davidson adds that Elf’s U.S. tracked channel sales growth in the December quarter was also strong at about 20% Y/Y, and the company is executing on a wave of expansion in international markets.
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