Piper Sandler Cuts e.l.f. Beauty Price Target to $85.00 on Competitive Pressure
Piper Sandler adjusted its price target for e.l.f. Beauty, Inc. (NYSE: ELF) to $85.00 from $100.00 on Dec 22, 2025. The firm maintained a Neutral rating on the stock as shares declined more than 2% during intra-day trading on Monday.
The valuation change follows reports of intensifying competition from rivals including LOreal, NYX, and Maybelline. Based on SPINS data through Nov 30, 2025, e.l.f.s market share gains slowed during the second quarter of fiscal 2026 but showed recovery in the third quarter following new product launches.
The firm updated its financial projections for the company as follows:
- Third-quarter fiscal 2026 core sales growth estimate raised to 5%, exceeding guidance of 3% to 4%.
- Fourth-quarter forecast reduced to a 1% decline due to challenging year-over-year comparisons.
- Price target reflects a valuation of 16x fiscal 2027 EBITDA, down from the previous 18x.
Analysts noted the current 26x P/E multiple sits near the midpoint of the recent 18x to 35x range. The stock could face further multiple compression if shipments continue to trail consumption trends into fiscal 2027. With shares rebounding from November lows, the firm suggested further upside appeared priced in at current levels.
Investors can find more information in the ELF and ELF reports. Analysis of the company financial position is available in the ELF and ELF blogs.
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