UPDATE: e.l.f. Beauty (ELF) PT Raised to $39 as Morgan Stanley Reiterates Top Small Cap Idea

Morgan Stanley analyst Dara Mohsenian raised the price target on e.l.f. Beauty (NYSE: ELF) to $39.00 (from $37.00) while maintaining an Overweight rating after the company beat and raised but the new guidance level still looks conservative. EPS of $0.24 was well above the $0.15 consensus. The company also confirmed that it plans to raise prices in March.

The analyst stated "ELF continues to post impressive US share gains, with 5.7% CYQ4 US cosmetics market share, up +86 basis points on a 2-year stack, and ELF the only top five color cosmetics brand to grow share above pre-pandemic levels in CY 2021. ELF also continues to post strong international momentum, with international clearly offering white space at just 11% of sales mix, and ELF's strong success in the UK driving confidence around further geographic expansion, including ELF rising to #8 in the latest UK Nielsen data, up from #12 last year and the only top ten brand to post growth."

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