Morgan Stanley analyst Dara Mohsenian reiterated an Overweight rating on the shares of E.L.F. Beauty, Inc. ELF and raised the price target from $118 to $162. The analyst noted company posted a very large 17% revenue, 20% gross profit, and 71% operating profit beat vs. consensus in 1QFY23. This was good news, but the analyst wanted to highlight that even more impressively, underlying topline growth accelerating, with a 38% revenue CAGR this quarter vs 2019 far above 30% last quarter, which itself was far above 22% in each of the prior two quarters. The analyst added that after a sixfold increase in the stock since May of 2022, underlying trends are still accelerating, supporting both substantial near-term upside and longer-term growth potential above what the market is pricing in. The analyst noted that the Q1 upside/ higher FY guidance confirms the key positive tenets of their recent deep drive report.