Elf Beauty price target lowered to $131 from $161 at Stifel

Stifel lowered the firm’s price target on Elf Beauty (ELF) to $131 from $161 and keeps a Hold rating on the shares. The firm updated estimates into Q3 results, stating that it continues to be cautious on the group as volume growth is likely to remain muted reflecting the cumulative impact of price increases and heightened global macroeconomic uncertainty. For Elf specifically, the firm sees “modestly more upside than downside from current levels,” although it has trimmed its target on the shares.