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摩根士丹利称，E.l.f. Beauty核心化妆品股亏损或将进一步扩大

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-- 摩根士丹利周五发布的一份报告指出，受品类细分化加剧、小型品牌竞争压力的影响，e.l.f. Beauty (ELF) 的核心化妆品市场份额下滑令人担忧，预计在2025年夏季价格周期过后，情况将进一步恶化。 报告称，尽管Naturium产品增长强劲，且rhode产品对销售额的贡献超出预期，但市场对该公司在美国化妆品市场基础份额的担忧以及有机增长趋势放缓仍可能限制其股价。 摩根士丹利表示，如果e.l.f.的核心化妆品销售额下滑（这种情况很可能在今年秋季发生），股价可能会承压。报告还指出，如果该品牌有机销售增长趋势在第二年放缓，即使rhode产品第一年的贡献超出预期，最终也可能对股价造成压力。 此外，该券商还表示，韩国美妆市场的强劲势头也可能分散消费者对e.l.f.核心化妆品业务的支出，并最终可能对Naturium和rhode产品构成压力，尽管它们短期内表现强劲。 摩根士丹利将 e.l.f. Beauty 的评级从“增持”下调至“中性”，并将目标价从 80 美元下调至 67 美元。 该公司股价在周五的交易中下跌超过 3%。

Price: $61.94, Change: $-2.03, Percent Change: -3.17%

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