e.l.f. Beauty (ELF) PT Raised to $22 at Morgan Stanley on Strong Scanner Data

Morgan Stanley analyst Dara Mohsenian raised the price target on e.l.f. Beauty (NYSE: ELF) to $22.00 (from $20.00) after noticing a pronounced recovery in ELF US scanner data recently. This comes despite declining cosmetics category trends and ELF cycling more difficult comparisons from last year.

The analyst reiterated an Overweight rating and has "increased confidence that strategy changes implemented over the last year will continue to drive ELF market share gains going forward. Importantly, given ELF's small size (4% US Nielsen share), its sizeable market share gains should also in turn drive future shelf space gains and subsequent topline growth going forward in a virtuous cycle".

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