The Point for North America

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The Point for North America

Point |

Wednesday, 01 July 2026

Morning Call Highlights | Company | Industry | Economics & Strategy | Key Rating and Target Price

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Morning Call Highlights Must Read

e.l.f. Beauty Inc (ELF.N) - Takeaways From HQ Meeting with ELF’s CEO Tarang North America Road Ahead 2026 -

Amin Navigating a Multi-Lane Highway

We hosted an investor meeting with ELF’s Chairman & CEO Tarang Amin at the

company’s HQ in Oakland, California. During the meeting, ELF discussed key

topics such as initiatives on core e.l.f., the haircare expansion, price reduction

tests, the growth opportunity at rhode, tariff refunds, and several others detailed

herein. We also explored many of these topics in our recent deep dive note. Overall,

we came away from our meeting with a greater appreciation for the initiatives the

company is undertaking to improve the core e.l.f. brand, the solid growth of

Naturium, and the large opportunity ahead for rhode. Net, we continue to see a

solid topline growth acceleration for the total company with potential upside to

conservative guidance, driven by rhode, Naturium, and an expected improvement

in core brand e.l.f. driven by selective price reductions, innovation in core

categories, and expansion in haircare. Hence, we reiterate our Buy rating.

Filippo Falorni, CFA

The Clorox Co (CLX.N) - Takeaways From HQ Meeting with CLX’s CEO Linda

Rendle

We hosted an investor meeting with CLX’s CEO Linda Rendle and VP of IR Lisah

Burhan at the company’s headquarters in Oakland, California. During the meeting,

CLX discussed category growth & macro dynamics, the state of businesses such as

Litter, Glad, Professional & International, ERP transitions costs, the GOJO

integration, and provided perspective on factors that will influence the FY27 guide.