Raymond James raised the firm’s price target on Elf Beauty (ELF) to $130 from $105 and keeps a Strong Buy rating on the shares. The addition of Rhode should support faster top-line growth for Elf over a multi-year period as it expands in doors and assortment, with margins expected to be accretive to Elf even inclusive of heavier investment, the analyst tells investors in a research note. Despite the softer beauty category, Raymond James expects Elf to continue to deliver material outperformance relative to peers.
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