Elf Beauty price target lowered to $175 from $240 at Baird

Baird lowered the firm’s price target on Elf Beauty (ELF) to $175 from $240 and keeps an Outperform rating on the shares. The firm said with decelerating US demand indicators through FQ2 , they’re adjusting F2024 estimates but still see room for upside to guidance and price target to reflect more conservative growth and valuation assumptions.