Evercore ISI initiates coverage of e.l.f. Beauty with an in-line rating and a $68 price target.
Analyst warns that overdistribution, online shift and L’Oréal competition signal a maturing core, risking double‑digit growth.
Bull case envisions $173 target (~175% upside) if makeup share gains resume and acquisitions prove durable.
Bear case projects $41 target (~35% downside) if organic sales align with 2‑4% market growth and margins compress.