Elf Beauty assumed with an Overweight at Piper Sandler

Piper Sandler analyst Anna Andreeva assumed coverage of Elf Beauty (ELF) with an Overweight rating and $150 price target With the category showing signs of stabilization, Elf’s pipeline of innovation robust, comparisons easing the rest of the year, with higher pricing as a tailwind, and contribution from Rhode still ahead, sell side estimates are upwardly biased, the firm says. Piper believes its price target is warranted given that the core business is healthy and potentially accelerating as well as upside from the new growth asset.