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E.L.F. Beauty Inc (NYSE:ELF) shares are trading higher Thursday after the company reported better-than-expected financial results and issued strong guidance. Several analysts also raised price targets following the print.
- Q3 Revenue: $146.54 million beat estimates of $121.81 million
- Q3 EPS: $0.48 beat estimates of $0.23
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"We delivered a terrific third quarter - growing our net sales by 49% and expanding our market share by 150 basis points, according to Nielsen. This quarter marked our 16th consecutive quarter of net sales growth, reflecting the continued strong execution by the e.l.f. Beauty team," said Tarang Amin, chairman and CEO of E.L.F Beauty.
Outlook: E.L.F Beauty expects full-year revenue to be between $541 million and $545 million versus estimates of $489.78 million. The company sees full-year earnings in a range of $1.37 per share to $1.40 per share versus estimates of $1.12 per share.
See Also: Here's Why Align Technology Stock Is Soaring
Analyst Assessment: Several analysts increased price targets following the company's quarterly results
- DA Davidson analyst Linda Bolton Weiser maintained ELF with a Buy and raised the price target from $54 to $77.
- Raymond James analyst Olivia Tong maintained ELF with an Outperform and raised the price target from $63 to $75.
- Morgan Stanley analyst Dara Mohsenian maintained ELF with an Overweight and raised the price target from $64 to $75.
- BofA Securities analyst Anna Lizzul maintained ELF with a Buy and raised the price target from $65 to $75.
- JP Morgan analyst Andrea Teixeira maintained ELF with an Overweight and raised the price target from $65 to $70.
- Canaccord Genuity analyst Susan Anderson maintains ELF with a Buy and raised the price target from $63 to $78.
ELF Price Action: E.L.F. Beauty is making new 52-week highs on Thursday.
The stock was up 15.7% at $67.74 at the time of writing, according to Benzinga Pro.
Photo: ARTEM DA PICTURES from Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.