Alliance Global Partners reiterates a Buy rating on Waldencast (WALD) with a $4.50 price target after Elf Beauty (ELF) announced it is acquiring prestige beauty brand, Rhode at a $1B valuation. The deal further highlights that Waldencast is an undervalued stock on a sum-of-parts basis, the analyst tells investors in a research note. The firm says Waldencast’s Milk Makeup and Rhode are both within the prestige cosmetics category. Both brands currently have a similar social media presence and have additional growth drivers, according to Alliance Global.
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- Waldencast price target lowered to $4 from $5 at Telsey Advisory
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