e.l.f. Beauty, Inc. (ELF): Substantial Growth and Margins Ahead - Cowen
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Cowen analyst, Oliver Chen, reiterated his Outperform rating on e.l.f. Beauty (NYSE: ELF) after inventory and gross margin began moving in the right direction with AURs increasing as unproductive SKUs are eliminated.
ELF's growth story remains in its infancy, given the substantial addressable market (~2.3% market share currently) in a growing category with a highly engaged consumer base. The analyst is encouraged by prospects for top-line growth driven by innovation and recently launched loyalty program, and opportunity for long-term margin expansion via "sweeten the mix" initiatives.
No change to the $32 PT.
Shares of e.l.f. Beauty closed at $25.92 yesterday.
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