Shares of e.l.f. Beauty Inc. (ELF) soared 5.04% in pre-market trading on Monday, following a significant upgrade from Morgan Stanley. The investment bank raised its rating on the cosmetics company from Equalweight to Overweight, signaling increased confidence in the stock's potential.
In addition to the rating upgrade, Morgan Stanley also adjusted its price target for e.l.f. Beauty, raising it from $114 to $134. This represents a substantial increase in the expected value of the company's shares, likely contributing to the positive investor sentiment reflected in the pre-market surge.
The upgrade comes as e.l.f. Beauty maintains a strong position in the market. According to analysts polled by FactSet, the company currently has an average rating of overweight and a mean price target of $133.62. This broader positive outlook aligns with Morgan Stanley's more bullish stance on the stock, potentially setting the stage for continued investor interest in e.l.f. Beauty.
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