Analyst Erin Murphy, of investment bank and financial management company Piper Sandler, has upgraded e.l.f. Beauty from neutral to overweight with a price target of $19.00, according to Street Insider.
Related: Q1 2020 Results Suggest Things are Looking Up for e.l.f.
Shares of e.l.f. Beauty closed at $16.30 yesterday.
On February 4, 2020, Murphy commented, “We are upgrading shares of [e.l.f. Beauty] from Neutral to [Overweight] as we believe the brand has gained and will continue to gain share over the foreseeable future despite a tepid beauty backdrop. While shares have rebounded over the last week, they are still down -9% from the last report vs. the SPX up 6%. As we stated in our preview last week, we see upside to the Street's $0.15 EPS estimate and see FY20 guidance inching higher. Our estimates and PT remain unchanged (17% upside from today's entry point). Proof points from our vantage points are as follows: 1) success of the company's new marketing campaign over the last six months—especially the company's TikTok campaign which bested all industry standards; 2) product newness building on "hero" franchises & skincare; 3) >50% gains in EMV during Q4.”
