By Sam Boughedda Piper Sandler analysts upgraded e.l.f. Beauty, Inc. (NYSE: ELF ) to Overweight from Neutral, raising the firm's price target to $46 from $35 in a research note released Tuesday, stating the company has "cracked the Gen Z code." They told investors they are upgrading the stock following their Fall Teen Survey that showed "not only clear and consistent preference for e.l.f. products, but also notable share gains across all income groups."