Analyst Dara Mohsenian of Morgan Stanley maintained a Buy rating on e.l.f. Beauty, retaining the price target of $121.00.
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Dara Mohsenian has given his Buy rating due to a combination of factors grounded in e.l.f. Beauty’s strong underlying business trends. The company is delivering robust year-over-year U.S. sales growth in Nielsen all-channel scanner data, with recent two-week and four-week growth rates in the mid-teens, supported by both higher prices and healthy volume/velocity gains. Even as pricing moderation has started to show, overall sales momentum remains solid, with two-year stacked growth still running at an attractive mid-teens level. In addition, the inclusion of Amazon 1P and Costco in the measured channels highlights e.l.f.’s expanding presence across key retail platforms, reinforcing the durability of its growth profile.
Furthermore, e.l.f. Beauty continues to gain market share, with nearly a full percentage point of share improvement year over year in the most recent periods, indicating that it is consistently outperforming the broader category. The company’s improved velocity metrics, combined with increasing total distribution points, suggest that both consumer demand and retailer support remain strong. Taken together—sustained double‑digit sales growth, steady share gains, and strengthening omnichannel distribution—these datapoints support Mohsenian’s positive view on the stock’s risk‑reward and underpin his Buy recommendation on ELF.