The increase in the price target by Piper Sandler, a reputable financial services firm, suggests a positive outlook on e.l.f. Beauty's stock performance. This adjustment reflects confidence in the company's future growth and profitability, likely influencing investor sentiment positively. Given the direct impact of analyst ratings and price targets on stock prices, especially from well-regarded analysts or firms, this news is expected to have a positive short-term impact on ELF's stock price.