Piper Sandler analyst Anna Andreeva downgraded Elf Beauty (ELF) to Neutral from Overweight with a price target of $100, down from $150, following the fiscal Q2 report. Strong momentum at Rhode is continuing, but the 3%-4% sales growth implied for the core business in Elf’s fiscal 2026 outlook is “disappointing and not deserving of a premium multiple,” the analyst tells investors in a research note. Piper says the company’s profitability is also resetting, which could re-rate the shares lower.
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