BUZZ-Elf Beauty eyes worst day in over 6 years on annual forecast cut
Updates
Shares of makeup company Elf Beauty ELF.N fall as much as 28% to over two-year low of $63.50
Stock set for worst day since August 2018
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 seems conservative, according to J.P. Morgan analysts; PT cut to $127 from $163
Adds that core ELF consumer seems to have become even more cautious in light of the macro-political events
Elf stock had fallen 13% in 2024
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