Adore Beauty's Sep Q numbers showed revenue growth consistent with the trading update in August but tracking below consensus expectation, Morgan Stanley notes.

FY24 margin guidance was reaffirmed despite ongoing inflationary pressures.

There is no change the the brokers' investment thesis. Equal-weight and $1.15 target retained. Industry view: In-Line.

Sector: No Sector.

Target price is $1.15.Current Price is $1.04. Difference: $0.11 - (brackets indicate current price is over target). If ABY meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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