Stifel analyst Mark Astrachan lowered the firm’s price target on Elf Beauty (ELF) to $115 from $131 and keeps a Hold rating on the shares after the company reported fiscal Q2 results and updated FY25 guidance. While the firm lifts its FY24-FY25 estimates slightly, it reduced its price target based on 18-times its FY26 adjusted EBITDA estimate, noting that it sees “more downside than upside from after hours levels.”
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