Piper Sandler analyst Erinn Murphy raised her price target for e.l.f. Beauty to $23 from $19 and reiterates an Overweight rating on the shares citing the company's "strong" fiscal Q3 results. Management raised fiscal 2020 guidance above the Street and provided a three-year algorithm that is roughly in line with the Street, Murphy tells investors in a post-earnings research note. The analyst sees upside potential to the latter, noting e.l.f. Beauty's share gains continue, incremental space wins are occurring again, and price increases continue to perform better than expected. Further, coronavirus sourcing risks appear lower than we initially thought, adds Murphy.