Jefferies raised the firm’s price target on Elf Beauty (ELF) to $115 from $75 and keeps a Buy rating on the shares after March quarter sales, EBITDA, and EPS came in ahead of Street forecasts. The company also announced the acquisition of Rhode in a $1B deal. The brand founded by Hailey Bieber consists of prestige skincare and color cosmetics, notes the analyst, who is “excited by the deal as we view it as additive to the ELF portfolio with significant runway ahead.”
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