In a report released today, Rupesh Parikh from Oppenheimer initiated coverage with a Buy rating on elf Beauty Inc (NYSE: ELF) and a price target of $23. The company’s shares opened today at $18.88.
Parikh said:
“On 5/23/18, we initiated 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 15.7% and a 58.3% 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 Moderate Buy, with a price target consensus of $20.
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The company has a one-year high of $28.50 and a one-year low of $16.82. Currently, elf Beauty Inc has an average volume of 392.8K.
Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is negative on the stock.
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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.
