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. 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. 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. 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.

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This article is originally published at Insider Monkey.