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Dear Fellow Investor,
Company: e.l.f. Beauty (SYM: ELF)
Investors should keep an eye on e.l.f. Beauty (SYM: ELF).
After dropping from about $220 to a low of $100, ELF is now back up to $129.36. From here, we’d like to see it initially retest $145.
Helping, Morgan Stanley also believes ELF is attractive at current prices. In fact, the firm just upgraded ELF to overweight from equal weight with a $153 price target. “Valuation looks compelling relative to outsized [long-term] growth potential after a sharp pullback in the stock in H2 of 2024,” added the firm, as quoted by CNBC.
Piper Sandler also raised its price target on ELF to $167 a share with a buy rating. Analysts at Truist also reiterated a buy rating on the stock with a $150 price target. We also have to consider that a significant amount of weakness from a short report has been priced into the now oversold beauty stock.
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Company: Estee Lauder (SYM: EL)
Another hot beauty stock to keep an eye on is Estee Lauder (SYM: EL).
At the moment, EL is consolidating at $75. From here, we’d like to see the stock initially retest $85 a share. Helping, Deutsche Bank recently raised its price target from $75 to $80 with a hold rating. It’s also starting to pivot higher on buyout speculation.
In addition, according to Seeking Alpha, “There appears to be a renewed round of speculation about potential takeover and shareholder activism, according to a Betaville ‘uncooked’ alert that was circulating on Friday. There's talk that the cosmetics maker may have attracted interest from a possible buyer.”
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Company: Ulta Beauty, Inc. (SYM: ULTA)
Investors should also keep an eye on ULTA.
Down $13 a share Monday morning, we’d use that weakness as a long-term buy opportunity. Helping, analysts at Oppenheimer just named ULTA a top pick, noting, “We are re-adding ULTA to top pick status following our removal last July around the $413 level driven by concerns at the time of a potential guide-down,” as quoted by CNBC.
Analysts love ULTA here, too. Over the last few weeks, Barclays raised its price target by $35 to $445 a share on stronger than expected preliminary earnings numbers. TD Cowen also raised its price target by $30 to $480 a share with a hold rating. “The company announced its CEO Dave Kimball will retire its raised guidance is encouraging for the prospects of positive comps,” added TD Cowen, as noted by Business Insider.
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Do you currently own any shares of "beauty" stocks or other retail stocks like those listed above? What other sectors do you have your eye on for 2025? Hit "reply" to this email and let us know!
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