Piper Sandler Reiterates Overweight Rating on Sally Beauty Holdings (SBH)

Piper Sandler analyst Korinne Wolfmeyer reiterated an Overweight rating and $13.00 price target on Sally Beauty Holdings (NYSE: SBH).

The analyst commented, "We reiterate our OW rating on SBH ($13 PT) and Neutral rating on OLPX ($2 PT) following our quarterly hair salon survey to 102 stylists across the U.S. and Canada. Olaplex looks to be defending its share well, according to our survey, but we continue to believe it will require efforts from the new management team to further materialize to see evidence of share recapture. The macro also seems to be a lingering headwind, particularly for add-on hair services, like Olaplex offers, that could limit more meaningful top line recovery. SBH is not immune to this either, but a more diversified product offering does provide a bit of a buffer here. Additionally, despite the end- consumer softness, our survey is showing early signals of improved stylist sentiment and purchasing patterns. As such, we continue to feel comfortable with our already-prudent estimates for SBH and continue to be buyers at current levels."

For an analyst ratings summary and ratings history on Sally Beauty Holdings click here. For more ratings news on Sally Beauty Holdings click here.

Shares of Sally Beauty Holdings closed at $12.95 yesterday.

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