** Shares of beauty retailer elf Beauty up as much as 4.8% at $173.65 after TD Cowen upgrades stock to "buy" from "hold"
** Brokerage believes ELF can double its business by FY27, driven by expanding unit volume, leading digital marketing and potential price increases in skin care
** Notes that ELF's average unit retail price is ~$6 compared to more than ~$9 for legacy brands and over $20 in prestige
** "We see upside in ELF shares based on their significant opportunity to grab shelf space gains at Ulta, Walmart, Target, and U.S. drug stores CVS and Walgreens" - analyst Oliver Chen
** ELF's "Holy Grail" products – Camo, Putty, Halo Glow and Power Grip – are viral favorites, offering prestige-quality products at extremely competitive price points, Chen says
** TD Cowen believes ELF has the potential to scale across many large markets abroad over time
** However, brokerage cuts PT on stock to $190 from $220 citing recent share weakness
** Over the past month, ELF has declined about 16%, up to last close
** So far this year, stock is up ~19%, including session's gains
(Reporting by Savyata Mishra in Bengaluru)
((Savyata.Mishra@thomsonreuters.com))
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