Elf Beauty price target lowered to $60 from $85 at Piper Sandler

Piper Sandler lowered the firm’s price target on Elf Beauty (ELF) to $60 from $85 and keeps a Neutral rating on the shares ahead of quarterly results. Focus will be on the core Elf sales but more so on the FY27 guide, the firm says. Piper notes Elf will lap the disconnect between consumption and shipments in Q2, which presents an opportunity, at the same time, company will lap the $1 price increase starting August 1st. Further, Piper says rhode will go against the Sephora launch in early September, although it thinks the brand remains healthy and is scaling new distribution.