Piper Jaffray analyst Erinn Murphy last night upgraded e.l.f. Beauty to Neutral from Underweight and doubled her price target for the shares to $16 from $8. Several developments in the company's fiscal Q1 results indicate the worst is behind for the company, Murphy tells investors in a research note. "Inventory is clean, pacing nicely below sales," adds the analyst. She's encouraged to see improving product momentum, strength in digital and a stabilizing business. However, Murphy views e.l.f. Beauty's risk/reward as balanced at around $16 per share.