e.l.f. Beauty (ELF) PT Lowered to $27 at DA Davidson
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DA Davidson analyst Linda Bolton Weiser lowered the price target on e.l.f. Beauty (NYSE: ELF) to $27.00 (from $28.00) while maintaining a Buy rating.
The analyst commented, "With sales +10% in F3Q21, ELF beat the Street but fell short of its own plan due to shipments in the last week of December that shifted into January. Marketing spending could not be cut to match the sales shortfall, therefore EBITDA came in $2.6M short of consensus. We are raising our F4Q21E sales to +10% Y/Y from +3% and our EBITDA by $2.4M, with FY21E EBITDA unchanged at $60M. We are trimming our PT to $27 from $28 due to lower expected year-end cash; it is based on 20x CY22E EBITDA of $71M (no change). ELF continues to impress us with its strong sales growth despite COVID, and we would BUY on weakness."
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