$ELF


In November 2025, the company missed sales expectations in Q2 FY2026, annual guidance came in below expectations, and the stock collapsed around 26% after hours.
On May 1, 2026, Morgan Stanley downgraded ELF from Overweight to Equal weight and cut its price target from $80 to $67.
In Q3, the company raised guidance, lifting its sales expectation to the $1.60B to $1.612B range and adjusted EPS to the $3.05 to $3.10 range. This was positive. But the market is now looking at this: how much of this growth is coming from Rhode, and how much is coming from the old ELF engine? Big players no longer want headline growth, they want to see the real momentum of the core brand. On the other hand, tariffs are also limiting profit margins.
$EL had previously made an R/S flip. ELF may make a cup+handle retest. ???
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