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Jefferies believes e.l.f. Beauty is oversold

Published Oct 06, 2023 09:52AM ET
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© Reuters. Jefferies believes e.l.f. Beauty, Inc. (ELF) is oversold
 
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Jefferies analysts upgraded shares of e.l.f. Beauty (NYSE:ELF) to Buy from Hold, lifting the price target to $115 from $110 in a note to clients Friday.

They told investors that they decided to upgrade the stock on "glowing demand" and upside from recent M&A.

"Underlying demand remains robust (+50%) and benefits from M&A, intl expansion, and share gains should more than offset tough comps in FY25," the analysts wrote.

"We see a buying oppty on the recent valuation pullback from 37x to 23x FY2 EBITDA. While high multiple stocks have suffered on rate outlook, shares now discount the difficult comps and recent slowdown in FDM data (+60% to low-50's)," they added.

Jefferies believes the stock is oversold, with the move lower "driven by optics around tracked data, which was known to soften due to tougher comps." The firm notes that the stock psychology has become dependent on continued outperformance.

Jefferies believes e.l.f. Beauty is oversold
 

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Comments (1)
Guven Buyukpolat
Guven Buyukpolat Oct 06, 2023 4:23PM ET
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yeah right when it's over $100 oversold when is $20 underperform
 
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