Analyst Anna Lizzul of Bank of America Securities reiterated a Buy rating on e.l.f. Beauty, boosting the price target to $118.00.

Anna Lizzul has given his Buy rating due to a combination of factors, including Rhode’s rapid expansion through Sephora Europe, where the brand is set to enter 19 countries and 500 highly productive stores, lifting its global Sephora presence to roughly 40%. This broader distribution is expected to make Sephora one of ELF’s largest retail partners and could eventually add an estimated $150–$200 million in annual Rhode sales, supporting stronger company-wide growth.

Anna Lizzul’s rating is based on the incremental upside from ELF’s new hair care line, which taps into a fast-growing $17 billion U.S. category with products positioned at steep discounts versus prestige competitors yet showing strong consumer purchase intent. Reflecting these growth drivers, she has increased forecasts for Rhode’s fiscal 2027 revenue and total adjusted EBITDA, and raised the stock’s price objective to $118, supported by a DCF valuation that assumes sustained double-digit top-line expansion and a diversified portfolio across cosmetics and skincare.

In another report released yesterday, Citi also maintained a Buy rating on the stock with a $118.00 price target.