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E.L.F. Beauty price target lifted after it adds social media followers

Tonya Garcia

D.A. Davidson raised its price target for E.L.F. Beauty Inc. to $16 from $14 after its proprietary data showed the company increased its social media following by 12% in the last six months. It reiterated its buy stock rating. "Our six-month update of our mass beauty social media ranking shows positive results for E.L.F.," analysts led by Linda Bolton Weiser wrote, adding that sales growth could spur an increase in sales guidance for fiscal year 2020. On the other hand, many of Coty Inc.'s big brands, including CoverGirl and Rimmel saw their social media rankings fall. E.L.F. stock is up 59.6% for the year to date, though the stock has tumbled 18.7% over the past year. The S&P 500 index has gained 7.2% over the last 12 months.