Waldencast initiated with a Buy at Canaccord

Canaccord initiated coverage of Waldencast (WALD) with a Buy rating and $5 price target Waldencast is a modern-day beauty platform that currently owns Milk Makeup and Obagi, the analyst tells investors in a research note. The firm believes the company is in a “unique position” to take the best of indie brands onto its platform and accelerate growth and profitability. Waldencast presents an attractive risk/reward profile, particularly as management continues to drive sales and margin improvement and deleverages with strong cash generation, contends Canaccord.