Elf Beauty price target lowered to $154 from $167 at JPMorgan

JPMorgan lowered the firm’s price target on Elf Beauty (ELF) to $154 from $167 and keeps an Overweight rating on the shares. The firm updated the company’s model following “another beat and raise” quarter. It believes Elf will continue to deliver solid and well-above peer sales growth due to more market share expansion. The analyst believes the bear case is overdone and sees a buying opportunity on the pullback.