Elf Beauty initiated with a Buy at Goldman Sachs

Goldman Sachs initiated coverage of Elf Beauty (ELF) with a Buy rating and $165 price target The firm holds a positive long-term view on the beauty category and sees attractive organic growth potential supported by innovation and the category’s convergence with health and wellness, which it says has increased the addressable market for all players. Goldman favors “consistent market share gainers with strong innovation pipelines,” and highlights Elf as a name to own. Elf is one of the fastest growing and most disruptive players in beauty, the analyst tells investors in a research note.