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Feb. 23, 2022, 10:50 a.m. EST

Olaplex upgraded despite tough competition in the haircare category

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By Tonya Garcia

Olaplex Holdings Inc. /zigman2/quotes/229722202/composite OLPX +2.32% was upgraded to buy from hold at Jefferies with analysts advising that investors take advantage of the stock pullback. Jefferies has a price target of $25 on Olaplex shares. The stock is up 2% on Wednesday, trading at $17.27, but shares have sunk 33.3% over the past three months. Olaplex, which specializes in premium hair products that use proprietary "bonding" technology to repair damage, began trading in September 2021. "Competition continues to be the greatest threat to Olaplex's sustained growth," analysts led by Stephanie Wissink wrote in the note. Olaplex is now available at Ulta Beauty Inc. /zigman2/quotes/210513442/composite ULTA -1.71% and Jefferies is upbeat about the partnership. "Based on checks, the bonding category as a whole continues to see impressive growth across brands," the note said. "Ulta offers a decent proxy for Olaplex's competitiveness vs alternatives."

/zigman2/quotes/229722202/composite
US : U.S.: Nasdaq
$ 14.76
+0.34 +2.32%
Volume: 534,405
July 5, 2022 3:31p
P/E Ratio
41.38
Dividend Yield
N/A
Market Cap
$9.36 billion
Rev. per Employee
$6.29M
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/zigman2/quotes/210513442/composite
US : U.S.: Nasdaq
$ 376.30
-6.55 -1.71%
Volume: 606,419
July 5, 2022 3:30p
P/E Ratio
18.57
Dividend Yield
N/A
Market Cap
$19.84 billion
Rev. per Employee
$223,167
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