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      An Analyst Upgrade Led To An Increase In ELF Stock

      By Fahim Awan

      Published on

      October 24, 2023

      11:33 AM UTC

      An Analyst Upgrade Led To An Increase In ELF Stock

      E.l.f. Beauty, Inc. (NYSE: ELF) saw a notable uptick of 3.57% in its stock during Monday’s trading session, reaching a price of $105.52. This surge was instigated by a noteworthy adjustment in analysis. On the 23rd of October, 2023, Raymond James upgraded its recommendation for ELF shares from “Outperform” to the more bullish “Strong Buy.” It’s worth noting, however, that the said analyst firm did adjust the price target for ELF, albeit slightly, reducing it from $145 to $140.

      This adjustment follows a prior upgrade earlier in the month, when Jefferies also raised its recommendation from “Hold” to “Buy” for ELF shares, along with a slight uptick in their price target from $110 to $115. These elevated recommendations appear to be predicated on recent developments within the purview of ELF.

      ELF recently introduced a novel brand in collaboration with Jennifer Coolidge. This collaboration was inspired by a candid moment during e.l.f.’s and Jennifer Coolidge’s Big Game commercial shoot, where Jennifer whimsically mused about what she would name her own lipstick, given the opportunity.

      Her offhand suggestions of “Dirty Pillows” and “Swollen” piqued e.l.f.’s interest, leading to a creative partnership with Jennifer to craft a unique lip shade. The introduction of “Dirty Pillows” signifies ELF’s intent to redefine the conventions of mass cosmetics brands. Furthermore, ELF celebrated Jennifer’s distinctive, authentic voice by enlisting her as the face of the Dirty Pillows campaign, thereby endorsing her as the epitome of an ideal e.l.f.

      With the swift transformation of an unscripted moment into a high-quality lip collection, ELF transcended the boundaries of conventional beauty and offered a new benchmark for brands within today’s ever-evolving beauty landscape.

      Furthermore, ELF is slated to announce its second-quarter fiscal 2024 results on Wednesday, the 1st of November, 2023. Subsequently, ELF will host a webcast to delve into these results, scheduled for 4:30 p.m. Eastern Time. Key figures in this webcast will include Tarang Amin, the Chairman and Chief Executive Officer, along with Mandy Fields, the Senior Vice President and Chief Financial Officer, who will be participating to provide insights and perspective.

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