e.l.f. Beauty (ELF) PT Raised to $32 at Jefferies as Growing Catalysts Make Consensus Look Low

April 13, 2021 9:05 AM EDT
Get Alerts ELF Hot Sheet
Price: $30.13 -1.44%

Rating Summary:
    8 Buy, 5 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 38 | Down: 18 | New: 7
Trade Now! 
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

Jefferies analyst Stephanie Wissink raised the price target on e.l.f. Beauty (NYSE: ELF) to $32.00 (from $29.00) after the company partnered with celebrity hairstylist Jen Atkin, an influencer with ~4M followers. The company announced a new elf+Jen Atkin collaboration in development for ~2 yrs including 7 highly curated items (11 SKUs) ranging in price from $5-$20 launched on elf.com (Apr 5), ulta.com (Apr 7) and add Boots stores & online (Apr 14) and Ulta stores (Apr 18).

The analyst reiterated a Buy rating, stating "Multi-year framework calls for sales +M/HSD and Adj-EBITDA exceeding sales growth. We are inching our model from +6% to +7.5% for sales - implying an incremental $45-$50M of sales over 2 years - but see even further upside potential and as such, are raising our PT to a Street high $32 on 21x FY23 (24 mos out) EBITDA of $78M. We would expect accel FCF over the next 24 months to also contribute to pot. excess cash on hand and future tuck in brand acquisitions."



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Analyst Comments, Analyst PT Change

Related Entities

Jefferies & Co