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Cowen analyst Oliver Chen raised the firm's price target on e.l.f. Beauty to $70 from $36 and keeps a Market Perform rating on the shares after the company delivered "impressive" net sales growth in Q3 and gross margin reached 67%.

Piper Sandler analyst Korinne Wolfmeyer raised the firm's price target on e.l.f. Beauty to $82 from $64 and keeps an Overweight rating on the shares. The analyst updated the model to reflect the company's raised guide and reiterates e.l.f. as a top idea. The company's momentum continues to hold up strong and its financial profile remains healthy, the analyst tells investors in a research note.

Truist analyst Bill Chappell raised the firm's price target on e.l.f. Beauty to $75 from $50 and keeps a Buy rating on the shares. The company's Q3 earnings beat demonstrated that its "strong momentum" - driven by innovation, strong category performance, and marketing efforts - continues, the analyst tells investors in a research note. The firm adds that it is "pleased" with e.l.f. Beauty's consistent improvements in gross margin.

Morgan Stanley analyst Dara Mohsenian raised the firm's price target on e.l.f. Beauty to $75 from $64 and keeps an Overweight rating on the shares following the company's "large" fiscal Q3 beat and "substantial" FY23 guidance raise. The firm said e.l.f. remains its preferred small-to-mid cap name in the North America beauty space given significant near-term potential revenue upside based on both beauty category growth rebounding and the company continuing its "pronounced" share gains.

BofA analyst Anna Lizzul raised the firm's price target on e.l.f. Beauty to $75 from $65 and keeps a Buy rating on the shares after fiscal Q3 results beat expectations as the company saw broad-based strength across core products and recent innovation. e.l.f. cosmetics grew market share by 150 basis points in the quarter and BofA expects share gain benefits to continue in the coming quarters given momentum from shelf space expansion and consumers trading down from prestige and trading in from other mass brands.

Canaccord analyst Susan Anderson raised the firm's price target on e.l.f. Beauty to $78 from $63 and keeps a Buy rating on the shares. The analyst noted management highlighted that innovation, strong marketing, and great products at accessible price points drove demand. The company demand has yet to slow, and their cosmetics and skin categories both significantly outpaced the industry, leading to continued market share gains.