E.l.f. Beauty remains top pick at D.A. Davidson with Black Friday sales putting company on track to beat full-year consensus
E.l.f. Beauty Inc. (ELF) remains D.A. Davidson's top pick and could beat consensus estimates for fiscal 2024, after the beauty brand's point-of-sales tracked at up 43.3% in November from a year ago. That suggests consensus sales growth of about 42% is "reasonable and potentially beatable," analysts Linda Bolton Weiser and Christina Xue wrote in a note published Monday. At a Target store the analysts visited in upstate New York on Black Friday, E.l.f.'s shelf space had increased to 14 feet, putting it on equal footing with the number two brand, L'Oreal. "ELF had one of the six beauty end-caps at Target, with several $5-$6 items displayed, which were moving well given consumers' value-seeking behavior," said the note. The analysts are expecting E.l.f.'s fiscal 2024 EBITDA could come in at about $230 million, well ahead of the $209 million consensus. The analysts have a buy rating on the stock and a $178 price target, or about 56% above its current price. The stock has gained 107% in the year to date, while the S&P 500 has gained 18.8%.
-Ciara Linnane
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
11-27-23 0730ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks