Elf Beauty initiated with a Buy at Citi

Citi initiated coverage of Elf Beauty (ELF) with a Buy rating and $110 price target The firm believes share gains at the legacy Elf brand along with distribution opportunities for the recently acquired rhode brand create a “strong growth runway.” It sees 16% annual sales growth over the next three years for the company. The 35% selloff post the fiscal Q2 earnings report brings an attractive entry point, the analyst tells investors in a research note.