e.l.f. Beauty (ELF) PT Lowered to $150 at TD Cowen

TD Cowen analyst Oliver Chen lowered the price target on e.l.f. Beauty (NYSE: ELF) to $150.00 (from $235.00) while maintaining a Buy rating.

The analyst commented, "Considerable Stock Pullback Despite Earnings Going Higher; Remain Buy. ELF's growth rates tracked by Nielsen have slowed to +mid/high-teens from +30s and stock has pulled backed -48% since the June's peak yielding a P/E of ~26x vs. ~49x. We remain constructive given potential near and long-term upside relative to expectations, market leading speed & agility, & international/skincare opportunities."

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