Elf Beauty price target lowered to $50 from $60 at Piper Sandler

Piper Sandler lowered the firm’s price target on Elf Beauty (ELF) to $50 from $60 and keeps a Neutral rating on the shares. The firm notes Elf’s Q4 beat the Street on sales and profitability on rhode, with core Elf at the low end of the guide, and company talked about volume below expectations quarter-to-date. To stimulate demand, the company plans to walk back some of the tariff fueled price increases. Piper questions how much of the slowdown is lack of innovation and Elf’s already high share in the space as opposed to a more pressured consumer, plus price reductions could prove to be too reactionary.