Raymond James lowered the firm’s price target on Elf Beauty (ELF) to $120 from $175 and keeps a Strong Buy rating on the shares. Elf handily beat sales expectations for Q3, but issued a Q4 outlook that assumes no recovery from here given a weak January for the beauty industry, cutting its full year guidance for the first time in a number of years, including during Covid, the analyst tells investors in a research note. The lowered guide seems conservative, as a number of factors appear to be temporary, comps get materially easier from here, and the level of noise will hopefully subside, Raymond James says.
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Read More on ELF:
- Elf Beauty price target lowered to $73 from $133 at Deutsche Bank
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