Canaccord Genuity raised its price target for e.l.f. Beauty to $97 from $90. The firm maintained its Buy rating for the company.
The upgrade follows the June launch of e.l.f.’s hair care line. Early sales and social media reception remain strong. Several products have sold out across both digital and physical retail channels.
Canaccord estimates the hair care category could generate $200 million in annual revenue. This expansion leverages the company's strategy of offering prestige-quality products at affordable prices. The brand continues to see high engagement from Gen Z consumers.