Canaccord Genuity has raised its price target on e.l.f. Beauty stock (NYSE:ELF) to $110 from $97, maintaining a Buy rating. The stock currently trades at $92.51, below its Fair Value estimate, suggesting potential upside for investors. This increase follows e.l.f. Beauty's first-quarter fiscal 2027 earnings report, which showed 31% revenue growth over the last twelve months and a gross profit margin of 74%.
Earnings Report
The company's management expressed confidence in fiscal 2027 guidance and the long-term trajectory of its brands, including Naturium, rhode, and e.l.f. Canaccord expects these brands to continue growing domestically and internationally as distribution expands and new products are introduced.
Analyst Outlook
The new $110 price target represents 27 times Canaccord's fiscal 2028 earnings per share estimate, aligning with beauty conglomerate peers. Other analysts, including Goldman Sachs, B. Riley, and TD Cowen, have also raised their price targets for e.l.f. Beauty, citing the company's earnings beat and strong revenue growth.
