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Bullish Case: e.l.f.'s strong brand among Gen Z, continued market share gains, and robust international expansion signal upside potential against industry trends.


Bearish Case: Increasing market saturation, potential for brand dilution, insider selling, and challenging higher-end makeup trends pose downside risks.


Potential Outcomes:

1) Price sustains against industry headwinds (40%).

2) Correction from market saturation (30%).

3) Surge on successful strategy execution (20%).

4) Brand dilution leads to decline (10%).


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April 10, 2024


e.l.f. Beauty Forecast

ELF        e.l.f. Beauty
Price Forecast: NEUTRAL    Price Action: MEAN REVERTING (?)






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