There’s some e.l.f. Beauty news for Tuesday that has ELF stock heading higher.
This new bit of e.l.f. Beauty (NYSE:ELF) news is that JPMorgan analyst Andrea Teixeira is upgrading ELF stock. This has the analysts bringing the stock up to a new rating of “Overweight.” The previous rating from Teixeira had ELF stock sitting at “Neutral.”
Luckily for investors in ELF stock, the e.l.f. Beauty news doesn’t just stop at an upgrade. There’s also a new price target for the stock as well. The new price target for ELF stock is $17 per share.
That $17 price target for ELF stock is much better than the previous price target of $11 per share that JPMorgan previously had. In fact, it represents a 54% increase for the stock, reports TheStreet.com.
The e.l.f. Beauty news including the new price target also means that JPMorgan is expecting to see the stock’s value increase. ELF stock was trading at $14.22 when the markets closed on Monday. This means that Teixeira is expecting a roughly 20% increase over the stock’s price at yesterday’s close.
The e.l.f. Beauty news for today is uplifting to investors as the company has been going through a transition. This includes closing down all of its 22 physical retail stores to better focus on its online efforts. To be fair, most of its business comes from online anyway.
ELF stock was up 8% as of noon Tuesday and is also up 55% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.
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