e.l.f. Beauty Inc. (ELF) shares plummeted 5.14% during intraday trading on Monday, reflecting a sharp decline in investor sentiment.
The drop followed a research note from TD Cowen, which cut its price target on the cosmetics maker to $100 from $110. Analyst price target reductions are often interpreted by the market as a signal of diminished confidence in a company's near-term growth prospects or valuation, prompting selling pressure.
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