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Elf Beauty lifts full-year sales and profit growth forecasts, shares rise

By Reuters News

** Shares of cosmetics maker Elf Beauty ELF.N rise 4.73% to $119 in premarket trading

** Co raised its full-year sales growth forecast to between 22% and 24% from 18% to 20% on Wednesday, citing strong marketing efforts and continued international expansion of its prestige brand Rhode

** Elf reported a 51% rise in net sales to $520.8 million in Q2, exceeding analysts' estimates of $470.3 million - data compiled by LSEG

** Analysts at B. Riley say, "Rhode's repeat purchasing statistics lend confidence in its 'staying power,' and early traction with new product expansions in the flagship brand (hair, fragrance) support a long growth runway"

** Co also raised its full-year adjusted diluted earnings per share forecast to a range of $3.82 to $3.86, from its previous outlook of $3.50 to $3.55

** 13 of 19 brokerages rate the stock "buy" or higher, 6 "hold"; their median PT is $121.7 - data compiled by LSEG

** Following the results, at least seven brokerages raised price target on the stock - data compiled by LSEG

** As of last close, stock up 49.4% YTD

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