Elf Beauty price target lowered to $59 from $67 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Elf Beauty (ELF) to $59 from $67 and keeps an Equal Weight rating on the shares. Q4 results and FY27 guidance confirms base Elf cosmetics momentum has slowed, partially offset by skin care growth, the analyst tells investors. While adding that the “bar is low” given prior multiple compression, the firm says base Elf share is “disconcerting” ahead of cycling August pricing.