BofA analyst Anna Lizzul raised the firm’s price target on Elf Beauty (ELF) to $135 from $113 and keeps a Buy rating on the shares. The firm adjusted its Q1 sales estimate to +12% from +15% prior due to early quarter softness in scanner data, and its gross margin estimate to 69% from 70% prior on impacts from tariffs in the quarter, not yet offset by price increases in effect on BofA expects non-marketing SG&A percentage growth above the rate of sales growth in Q1. Overall, the firm lowered its Q1 EBITDA estimate to $69M from $90M prior. Post Q1, BofA sees potential for sales acceleration and anticipates gross margin improvement from price increases effective 8/1, cost savings, and potential supplier concessions.
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