Canaccord Genuity Upgrades Olaplex Holdings (OLPX) to a Buy With a $2 PT

Olaplex Holdings, Inc. (NASDAQ:OLPX) is one of the best long-term penny stocks to buy right now. In a report released on August 25, Susan Anderson from Canaccord Genuity upgraded Olaplex Holdings, Inc. (NASDAQ:OLPX) to a Buy with a price target of $2.00.

Is Olaplex Holdings, Inc. (OLPX) Among Michael Burry's Top Stock Picks?

The analyst based the positive rating on the company’s market positioning and growth potential, stating that Olaplex Holdings, Inc. (NASDAQ:OLPX) underwent a brand revitalization and is now in a position to leverage its prestige status in the beauty industry to attain renewed growth.

Anderson added that Olaplex Holdings, Inc. (NASDAQ:OLPX) is experiencing stabilization in both margins and sales after a period marked with fluctuations, and the recent quarters are exhibiting positive growth for the first time in several quarters.

Olaplex Holdings, Inc. (NASDAQ:OLPX) is a technology-driven beauty company focusing on hair health. Its portfolio comprises complementary products specialized to improve hair health.

These products have three uses: protection, maintenance, and treatment. The company’s products are offered through specialty retail, professional, and direct-to-consumer (DTC) channels.

While we acknowledge the potential of OLPX to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than OLPX and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.