Elf Beauty price target lowered to $165 from $190 at BofA

BofA lowered the firm’s price target on Elf Beauty to $165 from $190 and keeps a Buy rating on the shares. In contrast to Q4 of 2023, the firm expects comments related to 2025 from the consumer staples group as likely to reflect frustration about the effect of unpredictable consumer behavior on volumes versus pricing actions. The firm sees “a particularly attractive entry point” in Elf with the potential for outperformance despite volatility in recent scanner data on difficult back-to-school comparisons, but cites multiple compression for its lowered price target