UPDATE: Piper Sandler Upgrades e.l.f. Beauty (ELF) to Overweight
- Wall Street surges on upbeat forecasts from retailers, Fed relief
- Broadcom (AVGO) to Acquire VMware (VMW) for Approximately $61 Billion in Cash and Stock
- NVIDIA (NVDA) Falls on Downbeat Guidance, Evercore ISI Remains a Buyer as Shares Trade Near an 'Estimated Floor of $150'
- Apple (AAPL) Stock Dips on Report It Expects Flat iPhone Production This Year
- Macy's (M) Stock Up 15% on Beat-and-raise, Goldman Sachs Says Results are a 'Bright Spot Among Retailers'
Piper Sandler analyst Erinn Murphy upgraded e.l.f. Beauty (NYSE: ELF) from Neutral to Overweight with a price target of $19.00.
The analyst comments "We are upgrading shares of ELF from Neutral to OW as we believe the brand has gained and will continue to gain share over the foreseeable future despite a tepid beauty backdrop. While shares have rebounded over the last week, they are still down -9% from the last report vs. the SPX up 6%. As we stated in our preview last week, we see upside to the Street's $0.15 EPS estimate & see FY20 guidance inching higher. Our estimates & PT remain unchanged (17% upside from today's entry point). Proof points from our vantage points are as follows: 1) success of the company's new marketing campaign over the last six months--especially the company's TikTok campaign which bested all industry standards; 2) product newness building on "hero" franchises & skincare; 3) >50% gains in EMV during Q4."
Shares of e.l.f. Beauty closed at $16.30 yesterday.
You May Also Be Interested In
- UPDATE: Stifel Downgrades Avadel Pharmaceuticals (AVDL) to Hold
- Woodside Petroleum Ltd. (WPL:AU) (WOPEY) PT Lowered to AUD32.31 at CLSA
- Sun Art Retail Group Limited (6808:HK) (SURRF) PT Lowered to HK$4 at JPMorgan
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments, Hot Upgrades, Upgrades
Related EntitiesErinn Murphy
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!