The average price target of $105.28 from 18 analysts implies a downside for e.l.f. Beauty's stock compared to its current price of $108.31. This suggests that the stock may be overvalued and could experience a short-term price decline. The increase in the average price target by 15.62% over the past month indicates that analysts have become more bullish on the stock, but the current price still exceeds their target.