Piper keeps Neutral on Elf as market share reverts to negative in February

Group 1 - February consumption data for Elf Beauty (ELF) showed a slowdown to flat, representing a five-point deceleration compared to January [1] - In Q4, consumption data is running at low single digits, a decline from high single digits in the U.S. during Q3, with similar trends noted at a competitor conference [1] - The slowdown in consumption is attributed to volume, which decreased to minus 10% in February after maintaining a negative mid-single digit range since higher pricing was implemented [1] Group 2 - The U.S. Mass Cosmetics market experienced a 2% strength from January into February, indicating some resilience in the broader market [1] - Piper Sandler maintains a Neutral rating on Elf Beauty, emphasizing that acceleration in the core business from low single digits is crucial for the stock's performance [1]