E.l.f. Beauty stock was gaining on Friday after Jefferies noted several growth catalysts ahead for the cosmetics company.
In Friday’s premarket trading, shares of e.l.f. were up 2.4%, to $98.90. Coming into the session, the stock had climbed 75% this year. The beauty category has remained resilient despite consumer weakness. This strength was evident in the company’s fiscal first-quarter financial results in August. E.l.f. posted earnings and revenue far above Wall Street expectations and raised its fiscal-year revenue outlook.
Also in August, e.l.f. acquired skin care brand Naturium. Helgans noted that this move was a positive because the company relies on bringing new items to the market to keep customers interested in the quickly evolving makeup industry.