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Deutsche Bank downgrades Elf Beauty on valuation after rally

Deutsche Bank downgraded Elf Beauty (ELF) to Hold from Buy with a price target of $128, up from $121. The firm cites valuation for the downgrade with the shares up 150% from the April low. In addition, recent consumption trends suggest a lack of upside to consensus estimates while commentary on Elf’s social media channels has become increasingly critical, the analyst tells investors in a research note.

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