Oppenheimer analyst Rupesh Parikh initiated coverage with a Buy rating on elf Beauty Inc (NYSE: ELF) today and set a price target of $23. The company’s shares opened today at $19.65.
Parikh noted:
“We are initiating coverage of e.l.f. Beauty (ELF) with an Outperform rating and $23 price target. e.l.f. Beauty is a leading cosmetics company offering high-quality, mass beauty products at value prices. We look very favorably upon the value positioning of the e.l.f brand, the company’s unique multi-channel model, management team, and open-ended growth prospects. Shares are now down 37% from all-time highs in Dec. 2016, underperforming a 21% increase in the S&P 500. We believe the pullback represents an attractive entry point for longer-term investors and see a stronger outlook for gains later this year and into FY19. Near-term, shares likely remain range- bound amid a lack of catalysts and difficult compares. EL and ULTA remain our top beauty picks, with ELF now ranked third.”
According to TipRanks.com, Parikh is a 5-star analyst with an average return of 16.1% and a 61.1% success rate. Parikh covers the Services sector, focusing on stocks such as Blue Apron Holdings Inc, United Natural Foods, and Wal-Mart Stores Inc.
elf Beauty Inc has an analyst consensus of Hold, with a price target consensus of $19.29.
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Based on elf Beauty Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $690K. In comparison, last year the company had a net profit of $2.16 million.
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e.l.f. Beauty, Inc. is a holding company, which engages in cosmetics and skin-care product. It operates through U.S and International geographical segments. The company sells cosmetics products through retail customers, e.l.f. stores and e-commerce channels. The company was founded on December 20, 2013 and is headquartered in Oakland, CA.
