BUZZ-Elf Beauty tumbles on annual forecasts cut, brokerages slash PT
ReutersFeb 7, 2025 10:27 AM
Shares of makeup company Elf Beauty ELF.N fall ~27% to $64.88 premarket
Company cuts its annual net sales and profit forecasts, citing weak demand in mass beauty category at the start of the year
Demand was softer in mass beauty channel in January, and some of Elf's newer products were "off to a slower start", CEO Tarang Amin tells Reuters
Jefferies cuts PT to $110 from $175 and D.A. Davidson slashes to $80 from $170
Elf's Q3 sales beat estimates by a large margin but new guidance seens conservative, say J.P.Morgan analysts; cut PT to $127 from $163
Adds that it seems that the core ELF consumer became even more cautious in light of the macro-political events
Elf stock had fallen 13% in 2024
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