The Beauty Health Company (SKIN) PT Raised to $31 at DA Davidson Following Buyback

DA Davidson analyst Linda Bolton Weiser raised the price target on The Beauty Health Company (NASDAQ: SKIN) to $31.00 (from $30.00) while maintaining a Buy rating amid buyback plan.

The analyst commented, "BUY-rated SKIN announced a share repurchase authorization of up to $200M, including a $100M ASR with an initial delivery of ~7.7M shares on September 29th. Although SKIN has cash of > $800M, this is somewhat surprising, given that we expected management to "keep the powder dry" for acquisitions. SKIN is not leveraged and is forecasting strong EBITDA growth, so it will still have flexibility to pursue M&A. This news shows management's confidence in the growth outlook and their keen focus on shareholder value. To reflect the change in the EV calculation, we are raising our PT to $31 from $30, based on EV-to-sales of 10x 2024E sales of $532M."

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