UPDATE: Piper Sandler Upgrades e.l.f. Beauty (ELF) to Overweight

(Updated - February 4, 2020 6:31 AM EST)

(updating comment)

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."

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 $16.30 yesterday.

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