Deutsche Bank Downgrades e.l.f. Beauty (ELF) to Hold

Deutsche Bank analyst Steve Powers downgraded e.l.f. Beauty (NYSE: ELF) from Buy to Hold with a price target of $128.00.

The analyst commented: "ELF's shares have appreciated ~+25% since early-August (surpassing our prior $121 price target). As such, we move back to the sidelines today and downgrade the shares to Hold, even as our price target rises to $128 on a roll-forward in time and continued general optimism around medium-term top-line/profit growth opportunities. We continue to see room for sizable expansion across both the Elf and rhode product lines, particularly overseas. However, at current valuations (nearly 35x NTM consensus earnings and 20x NTM consensus EBITDA), we are held back."

For an analyst ratings summary and ratings history on e.l.f. Beauty click here. For more ratings news on e.l.f. Beauty click here.

Shares of e.l.f. Beauty closed at $125.00 yesterday.

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