Stifel Starts e.l.f. Beauty (ELF) at Hold
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Stifel initiates coverage on e.l.f. Beauty (NYSE: ELF) with a Hold rating and a price target of $25.00.
Analyst Mark Astrachan commented, "We are initiating coverage of e.l.f. Beauty, Inc. with a Hold rating on shares and establishing a $25 target price. Our target price is a blended average of ongoing and take-out multiples, or 16.8x 2019E EBITDA. We believe a premium valuation is warranted for ELF shares and view the company as an attractive acquisition target given our favorable outlook for the U.S. cosmetics market and e.l.f.’s growth potential. We estimate 2017, 2018, and 2019 EPS of $0.29, $0.39, and $0.61, respectively, corresponding to a four-year EPS CAGR of 41% on sales growth of 20%."
Shares of e.l.f. Beauty closed at $26.94 yesterday.
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