Cowen Starts e.l.f. Beauty (ELF) at Outperform
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Cowen initiates coverage on recent IPO e.l.f. Beauty (NYSE: ELF) with a Outperform rating and a price target of $32.00.
Analyst Oliver Chen commented, "We expect ELF to gain share in an attractive beauty industry through: shorter supply chain times, which drive sharper innovation, very affordable price points 80% below prestige, trend-right execution, & runway of growth given wholesale & own-store opportunity. We model +35-40% EPS CAGR from FY15-FY19 on distribution & comp growth combined with EBIT margin expansion."
Shares of e.l.f. Beauty closed at $26.94 yesterday.
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