Canaccord upgraded Olaplex (OLPX) to Buy from Hold with a price target of $2, up from $1.50. The company has seen a brand “reinvigoration” and is set to return to growth, the analyst tells investors in a research note. The firm says that after over two years of normalization, Olaplex’s brand is seeing sales and margins stabilize with an opportunity for more consistent growth as investments in marketing, merchandising, and innovation start to take hold. Canaccord finds the stock’s valuation compelling at current levels.
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