BUZZ-Elf Beauty raises full-year sales and profit growth expectations, stock price rises

November 5 - ** Cosmetic manufacturer Elf Beauty (ELF.N) shares rose 4.73% in pre-market trading to $119

** The company on Wednesday raised its full-year sales growth forecast from 18%-20% to 22%-24%, citing strong marketing efforts and continued international expansion of its premium brand Rhode (link)

** According to data compiled by London Stock Exchange Group (LSEG), Elf reported that second quarter net sales increased by 51% to $520.8 million, exceeding analysts’ expectations of $470.3 million

** B. Riley analysts said: "Rhode's repurchase data inspires confidence in its 'staying power', and the new product expansions for its flagship brands (in haircare and fragrance) have started to yield results, which supports its long-term growth"

** The company also raised its full-year adjusted diluted earnings per share forecast range from $3.50-$3.55 previously to $3.82-$3.86

** Of 19 brokerages, 13 rate the stock as “buy” or higher, and 6 rate it as “hold”; its median target price is $121.7 — data compiled by LSEG

** After the financial results were released, at least 7 brokerages raised their target price for the stock — data compiled by LSEG

** As of the close of the previous trading day, the stock had risen 49.4% year-to-date

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