BofA lowered the firm’s price target on Elf Beauty (ELF) to $93 from $115 and keeps a Buy rating on the shares. The stock price has declined 16% year-to-date, which the firm partially attributes to the conflict in the Middle East, though it views this as “perception-based rather than real impact” given Elf’s immaterial revenue exposure in the region compared to beauty peers. Elsewhere, the firm has seen softness at Ulta (ULTA) impacting sales trends due to delayed shelf space resets from winter weather impacts, the analyst tells investors.
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