The Wall Street firm said scanner data shows the cosmetics company is accelerating near-term growth.
Elf Beauty was a standout stock during the pandemic and is only gaining momentum, according to Morgan Stanley. Analyst Dara Mohsenian reiterated an overweight rating on elf Beauty, and raised his price target, saying the cosmetics company is accelerating both near- and long-term growth.
Mohsenian expects even further upside for the stock. His $94 price target, raised from $75, implies shares can jump another 19% from Thursday's closing price. His call is driven in part by the latest U.S. scanner data showing an acceleration in sales, meaning elf Beauty is building on its post-pandemic growth, and trending above its historical levels as well, according to the note.
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