Elf Beauty shares positive comments from Investing.com’s Raymond James

Shares of Elf Beauty saw a significant rally, rising as much as 8.2% following positive remarks from analysts at Raymond James.

The financial services firm hosted a meeting with Elf Beauty’s CEO, CFO and head of investor relations on August 16, which left analysts with a “very bullish” outlook on the company’s future.

The meeting reinforced Raymond James’ confidence in Elf Beauty’s potential to grow sales and profits at a rate that exceeds that of its competitors and beyond the company’s own short-term projections.

Analysts at Raymond James set their estimates higher than management’s expected ranges, indicating strong faith in the company’s growth trajectory.

Raymond James highlighted some of Elf Beauty’s strengths, such as rapid product development and launch capabilities, opportunities to expand across categories, shelf space and geographic markets.

Furthermore, the firm highlighted Elf Beauty’s strong relationship with its customers, supported by effective digital engagement strategies.

Despite the 27% drop in Elf Beauty shares from their June peak to the market close last Friday, Raymond James sees a buying opportunity. The firm maintains a “strong buy” rating on the stock, with a price target (TP) of $235.

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