Jefferies analyst Stephanie Wissink downgraded e.l.f. Beauty to Hold from Buy with a price target of $20, down from $20.50. The analyst says the downgrade reflects valuation with the shares nearing her target and not a lack of confidence in the company's execution. Wissink expects e.l.f. Beauty's "solid performance" to continue, but she recognizes that the benefits from pricing, comparisons, and holiday program lap to last year "could temper perceived momentum." Further, the activist call for a sale is logical, but may be premature until sustained above category average growth is achieved, adds the analyst.