e.l.f. Beauty: Back on a growth path with Rhode deal and market share gains. Morgan Stanley upgrades and sees 30% upside potential.

e.l.f. Beauty (ELF) impresses with continuous growth and market share gains. The company relies on a data-driven approach, combining attractive price-performance ratio with innovation and strong marketing – both online and in brick-and-mortar retail. In Q1 2025, net revenue increased by 9% to $354 million, and adjusted EBITDA rose by 12%. This marked e.l.f.'s 26th consecutive quarter of both revenue and market share gains. In color cosmetics, e.l.f. is the market leader with a 15% unit share and second in revenue (13%) – more than double what...