Canaccord Raises Waldencast Price Target to $3
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 02 2026
0mins
Canaccord raised the firm's price target on Waldencast to $3 from $2 and keeps a Buy rating on the shares. The firm noted the company announced they have entered into an agreement to sell its Obagi skin care and aesthetics business to Bridgepoint. The transaction is valued up to $460M and comprises $366M in cash, a $10M fixed vendor note, a $20M adjustable vendor note, and up to $64M in earnout payments based on revenue milestones.
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Analyst Views on WALD
Wall Street analysts forecast WALD stock price to rise
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 1.660
Low
3.50
Averages
3.75
High
4.00
Current: 1.660
Low
3.50
Averages
3.75
High
4.00
About WALD
Waldencast plc is a global multi-brand beauty and wellness platform. It is focused on developing, acquiring, accelerating, and scaling conscious and purpose-driven brands. Its segments include Obagi Medical and Milk Makeup. The Obagi Medical segment sells advanced skincare products backed by science and formulated to minimize signs of skin aging, address dark spots, hyperpigmentation, fine lines and wrinkles, and to protect and enhance skin tone and texture. Its portfolio of medical-grade skincare with consumer-centric, in-office injectable procedures includes Saypha ChIQ, and MagIQ lines of injectable hyaluronic acid gels. The Milk Makeup segment consists of the business of Milk. Its Milk’s business activities include developing, marketing, and selling cosmetics, skincare, and other beauty products. Its Milk Makeup segment offers over 250 products through its United States Website www.MilkMakeup.com and retail partners include Sephora globally and Ulta Beauty in the United States.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Waldencast Receives FDA Approval for New Injectable Hyaluronic Acid
- FDA Approval: Waldencast plc announced that its Obagi®saypha®ChIQ™ injectable hyaluronic acid (HA) gel has received FDA approval, further solidifying Obagi's leadership at the intersection of advanced skincare and medical aesthetics, and is expected to significantly enhance its market share in the rapidly growing U.S. dermal filler category.
- Market Expansion Strategy: The introduction of this product not only enriches Obagi's injectable portfolio but also enhances options for practitioners and patients by providing predictable, measurable outcomes, driving the company closer to its vision of becoming a global dermatological megabrand.
- Technological Innovation: Obagi®saypha®ChIQ™ utilizes Croma-Pharma's MACRO Core Technology, ensuring high usable HA content and consistent particle distribution, which is expected to elevate patient satisfaction and drive demand for high-quality hyaluronic acid products in the market.
- Successful Partnership: Croma-Pharma noted that the saypha® line has produced over 130 million syringes, and the launch of Obagi®saypha®ChIQ™ is set to further enhance its innovation standards in the U.S. market, likely attracting more medical practices to adopt the product.
See More
Waldencast Sells Obagi Medical Business for $460M to Bridgepoint
- Sale of Obagi Medical: Waldencast has agreed to sell its Obagi Medical business to Bridgepoint for $460 million, a move that significantly strengthens the company's balance sheet while allowing it to focus on accelerating the global growth of Milk Makeup.
- Founders Transition: Upon closing, Waldencast founders Michel Brousset and Hind Sebti will transition to lead Obagi Medical in partnership with Bridgepoint, aiming to drive business development and innovation.
- Debt Repayment Plan: Waldencast intends to repay all outstanding senior term loans after the sale closes, reallocating funds to invest in its remaining brand, Milk Makeup, to support its market expansion efforts.
- Stock Price Surge: Following the announcement, Waldencast shares surged over 50%, indicating strong market confidence in the company's strategic shift and its potential for future growth.
See More
Waldencast SEC Investigation Concludes Favorably
- Positive Investigation Outcome: Waldencast plc announced that the SEC has concluded its investigation into the company's financial restatement and internal control weaknesses, indicating no enforcement action will be taken, significantly alleviating market concerns regarding compliance risks.
- Full Cooperation: Throughout the investigation, the company fully cooperated with the SEC and dedicated substantial resources, incurring significant legal and advisory costs, yet maintained focus on executing its business plans, demonstrating robust governance.
- Brand Development Strategy: Waldencast aims to build a global best-in-class beauty and wellness platform by developing, acquiring, and accelerating high-growth brands, emphasizing its brand-led business model to enhance market responsiveness.
- Positive Market Reaction: The announcement of the investigation's conclusion is expected to boost investor confidence and further strengthen Waldencast's market position in the beauty industry, particularly against the backdrop of ongoing growth for its core brands, Obagi and Milk Makeup.
See More
Waldencast Q4 Financial Results Analysis
- Financial Performance: Waldencast reported a Q4 net loss of $33.5 million, with revenue of $72 million reflecting a slight 0.1% year-over-year decline, yet beating market expectations by $4.2 million, indicating some market resilience.
- Revenue Sources: Strong growth in Obagi Medical's direct-to-consumer and international channels was offset by softening consumption in Milk Makeup, particularly in international markets, highlighting performance disparities across brands.
- Market Dynamics: The challenges faced by Waldencast stem primarily from a slowdown in consumer spending in international markets, especially affecting the Milk Makeup brand, which may influence future market strategies and product positioning.
- Strategic Review: The company is undergoing a strategic review to address current market challenges, ensuring sustainable growth and profitability in the highly competitive beauty industry.
See More
Obagi Partners with Schweiger Dermatology for ALOHA Program Launch
- Partnership Announcement: Obagi Medical has partnered with Schweiger Dermatology to advance the ALOHA Program, which aims to translate clinical safety and efficacy data from FDA trials into real-world applications, potentially enhancing patient satisfaction and provider-patient relationships.
- Clinical Research Initiative: The ALOHA Program includes a Phase 4 clinical study led by Dr. David Goldberg, utilizing standardized data capture protocols to evaluate Obagi®saypha®MagIQ™, providing robust clinical evidence for the new injectable's market launch.
- Marketing Strategy: Through this collaboration, Obagi plans to present initial findings at upcoming industry conferences, highlighting the real-world impact of the new product within the Schweiger network, thereby strengthening its competitive position in the aesthetics market.
- Technological Innovation: Obagi®saypha®MagIQ™ employs MACRO Core Technology to deliver high usable HA content and consistent gel distribution, ensuring natural-looking results and predictable injection outcomes, further solidifying Obagi's leadership in the professional skincare sector.
See More
Obagi Partners with DermFx for ALOHA Program Launch
- Strategic Partnership: Obagi Medical has formed a strategic alliance with DermFx to leverage the ALOHA program, translating FDA clinical trial safety and efficacy into practical applications, thereby enhancing DermFx's competitive edge in Southern California.
- Data-Driven Practice: The program will utilize standardized data capture and structured evaluations across multiple locations to help DermFx deliver superior patient experiences, ultimately increasing patient satisfaction and loyalty.
- Innovative Technology Application: The Obagi®saypha®MagIQ™ utilizes advanced MACRO Core technology to ensure natural-looking results and high hyaluronic acid content post-injection, enhancing treatment outcomes and market appeal for DermFx.
- Industry Leadership: This collaboration not only demonstrates Obagi's support for diverse medical practices but also underscores its leadership position in the rapidly growing professional skincare market, expected to drive future business growth.
See More
Waldencast Receives FDA Approval for New Injectable Hyaluronic Acid
- FDA Approval: Waldencast plc announced that its Obagi®saypha®ChIQ™ injectable hyaluronic acid (HA) gel has received FDA approval, further solidifying Obagi's leadership at the intersection of advanced skincare and medical aesthetics, and is expected to significantly enhance its market share in the rapidly growing U.S. dermal filler category.
- Market Expansion Strategy: The introduction of this product not only enriches Obagi's injectable portfolio but also enhances options for practitioners and patients by providing predictable, measurable outcomes, driving the company closer to its vision of becoming a global dermatological megabrand.
- Technological Innovation: Obagi®saypha®ChIQ™ utilizes Croma-Pharma's MACRO Core Technology, ensuring high usable HA content and consistent particle distribution, which is expected to elevate patient satisfaction and drive demand for high-quality hyaluronic acid products in the market.
- Successful Partnership: Croma-Pharma noted that the saypha® line has produced over 130 million syringes, and the launch of Obagi®saypha®ChIQ™ is set to further enhance its innovation standards in the U.S. market, likely attracting more medical practices to adopt the product.
See More
Waldencast Sells Obagi Medical Business for $460M to Bridgepoint
- Sale of Obagi Medical: Waldencast has agreed to sell its Obagi Medical business to Bridgepoint for $460 million, a move that significantly strengthens the company's balance sheet while allowing it to focus on accelerating the global growth of Milk Makeup.
- Founders Transition: Upon closing, Waldencast founders Michel Brousset and Hind Sebti will transition to lead Obagi Medical in partnership with Bridgepoint, aiming to drive business development and innovation.
- Debt Repayment Plan: Waldencast intends to repay all outstanding senior term loans after the sale closes, reallocating funds to invest in its remaining brand, Milk Makeup, to support its market expansion efforts.
- Stock Price Surge: Following the announcement, Waldencast shares surged over 50%, indicating strong market confidence in the company's strategic shift and its potential for future growth.
See More
Waldencast SEC Investigation Concludes Favorably
- Positive Investigation Outcome: Waldencast plc announced that the SEC has concluded its investigation into the company's financial restatement and internal control weaknesses, indicating no enforcement action will be taken, significantly alleviating market concerns regarding compliance risks.
- Full Cooperation: Throughout the investigation, the company fully cooperated with the SEC and dedicated substantial resources, incurring significant legal and advisory costs, yet maintained focus on executing its business plans, demonstrating robust governance.
- Brand Development Strategy: Waldencast aims to build a global best-in-class beauty and wellness platform by developing, acquiring, and accelerating high-growth brands, emphasizing its brand-led business model to enhance market responsiveness.
- Positive Market Reaction: The announcement of the investigation's conclusion is expected to boost investor confidence and further strengthen Waldencast's market position in the beauty industry, particularly against the backdrop of ongoing growth for its core brands, Obagi and Milk Makeup.
See More
Waldencast Q4 Financial Results Analysis
- Financial Performance: Waldencast reported a Q4 net loss of $33.5 million, with revenue of $72 million reflecting a slight 0.1% year-over-year decline, yet beating market expectations by $4.2 million, indicating some market resilience.
- Revenue Sources: Strong growth in Obagi Medical's direct-to-consumer and international channels was offset by softening consumption in Milk Makeup, particularly in international markets, highlighting performance disparities across brands.
- Market Dynamics: The challenges faced by Waldencast stem primarily from a slowdown in consumer spending in international markets, especially affecting the Milk Makeup brand, which may influence future market strategies and product positioning.
- Strategic Review: The company is undergoing a strategic review to address current market challenges, ensuring sustainable growth and profitability in the highly competitive beauty industry.
See More
Obagi Partners with Schweiger Dermatology for ALOHA Program Launch
- Partnership Announcement: Obagi Medical has partnered with Schweiger Dermatology to advance the ALOHA Program, which aims to translate clinical safety and efficacy data from FDA trials into real-world applications, potentially enhancing patient satisfaction and provider-patient relationships.
- Clinical Research Initiative: The ALOHA Program includes a Phase 4 clinical study led by Dr. David Goldberg, utilizing standardized data capture protocols to evaluate Obagi®saypha®MagIQ™, providing robust clinical evidence for the new injectable's market launch.
- Marketing Strategy: Through this collaboration, Obagi plans to present initial findings at upcoming industry conferences, highlighting the real-world impact of the new product within the Schweiger network, thereby strengthening its competitive position in the aesthetics market.
- Technological Innovation: Obagi®saypha®MagIQ™ employs MACRO Core Technology to deliver high usable HA content and consistent gel distribution, ensuring natural-looking results and predictable injection outcomes, further solidifying Obagi's leadership in the professional skincare sector.
See More
Obagi Partners with DermFx for ALOHA Program Launch
- Strategic Partnership: Obagi Medical has formed a strategic alliance with DermFx to leverage the ALOHA program, translating FDA clinical trial safety and efficacy into practical applications, thereby enhancing DermFx's competitive edge in Southern California.
- Data-Driven Practice: The program will utilize standardized data capture and structured evaluations across multiple locations to help DermFx deliver superior patient experiences, ultimately increasing patient satisfaction and loyalty.
- Innovative Technology Application: The Obagi®saypha®MagIQ™ utilizes advanced MACRO Core technology to ensure natural-looking results and high hyaluronic acid content post-injection, enhancing treatment outcomes and market appeal for DermFx.
- Industry Leadership: This collaboration not only demonstrates Obagi's support for diverse medical practices but also underscores its leadership position in the rapidly growing professional skincare market, expected to drive future business growth.
See More
