Elf Beauty price target lowered to $130 from $210 at Truist

Truist lowered the firm’s price target on Elf Beauty to $130 from $210 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 results for Food/Beverage/Consumer Products names. The firm notes that the stock decline since last reporting earnings reflects the Street’s acute focus on scanner data and the management’s somewhat misguided attempt to forecast the scanner data for Q2, but it also believes that now is the time to buy as the scanner issues have largely played out and the stock is trading at 22-times expected FY25 EBITDA – the lowest level since August of 2022.