.September 16, 2024 at 2:51 PM

e.l.f. Beauty (NYSE:ELF) saw its shares drop over 3% on Monday as Piper Sandler analysts reduced their price target for the company to $162 from $260. Despite concerns about macroeconomic challenges and a weaker back-to-school season, analysts believe that e.l.f. Beauty can still achieve the higher end of its revenue and earnings projections for fiscal year 2025. They highlighted a disconnect between the company’s valuation trends and its performance, recommending investors to buy into the stock during this period of weakness due to the brand’s strength and long-term potential.