DA Davidson analyst Linda Bolton Weiser writes that according to IRI data that covers about 60% of e.l.f. Beauty business, the company's retail sales in tracked channels were down 0.4% in the 4 weeks ending December 15th vs. 15.3% growth in the 4 weeks ending November 17th. The analyst notes that the decline reflects "unfavorable holiday sales comp" with about $5M in holiday sales that did not repeat this year. Weiser still keeps her Buy rating and $24.50 price target on the stock, anticipating upside surprise when e.l.f Beauty reports results in February.