Morgan Stanley lowered the firm’s price target on Elf Beauty (ELF) to $121 from $170 and keeps an Overweight rating on the shares. Fiscal Q2 results and second half guidance reflecting shipment timing, prior year comparison issues, and higher SG&A costs is “a disappointment and contrary to our prior expectation for upside,” the analyst tells investors. However, underlying U.S. takeaway trends are “still solid,” the analyst added.
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