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摩根士丹利稱，E.l.f. Beauty核心化妝品股虧損或將進一步擴大

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-- 摩根士丹利週五發布的一份報告指出，受品類細分化加劇、小型品牌競爭壓力的影響，e.l.f. Beauty (ELF) 的核心化妝品市場份額下滑令人擔憂，預計在2025年夏季價格週期結束後，情況將進一步惡化。 報告稱，儘管Naturium產品成長強勁，且rhode產品對銷售額的貢獻超出預期，但市場對該公司在美國化妝品市場基礎份額的擔憂以及有機成長趨勢放緩仍可能限制其股價。 摩根士丹利表示，如果e.l.f.的核心化妝品銷售額下滑（這種情況很可能在今年秋季發生），股價可能會承壓。報告也指出，如果該品牌有機銷售成長趨勢在第二年放緩，即使rhode產品第一年的貢獻超出預期，最終也可能對股價造成壓力。 此外，該券商還表示，韓國美妝市場的強勁勢頭也可能分散消費者對e.l.f.核心化妝品業務的支出，並最終可能對Naturium和rhode產品構成壓力，儘管它們短期內表現強勁。 摩根士丹利將 e.l.f. Beauty 的評級從“增持”下調至“中性”，並將目標價從 80 美元下調至 67 美元。 該公司股價在周五的交易中下跌超過 3%。

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

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