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DA Davidson analyst Linda Bolton Weiser reiterated a Buy rating on the shares of E.L.F. Beauty, Inc. (NYSE:ELF), raising the price target to $124 from $121.
The analyst applauded ELF's momentum and health on social media, where the company has increased its Facebook and Instagram followers by 12%.
ELF moved up by one spot in DA Davidson's last mass beauty social media ranking, where it was the ninth fastest-growing big brand in the survey, with followers +12%.
Also Read: Elf Beauty's Growth Prospects Of Gaining More Shelf Space At Walmart, Target Impress This Analyst
ELF's close competitor, L'Oreal Co (OTC:LRLCY) (OR-Paris) NYX, failed to grow its followers, and dropped one spot to #3 in the overall ranking, the analyst notes.
However, the analyst cautioned as the company depends on a limited number of retailers for a large portion of its net sales.
The analyst adds that the company is also subject to international economic uncertainties, especially in the U.K. and China.
Price Action: ELF shares are trading lower by 2.49% to $104.33 on the last check Wednesday.
