Elf Beauty price target raised to $168 from $130 at JPMorgan

JPMorgan analyst Andrea Teixeira raised the firm’s price target on Elf Beauty (ELF) to $168 from $130 and keeps an Overweight rating on the shares as part of a Q3 preview for the household, personal care and beauty group. Most of these large cap companies in the group will likely report another weak quarter amid “still depressed” consumer demand in the U.S. and decelerating trends for Western Europe, the analyst tells investors in a research note. JPMorgan says this backdrop is further worsened by retailers taking down inventory. The firm believes Elf can positively surprise investors despite the environment.