e.l.f. Beauty Inc (ELF.N): Takeaways From HQ Meeting with ELF‘s CEO Tarang Amin

研报英文原文证据摘录

e.l.f. Beauty Inc (ELF.N): Takeaways From HQ Meeting with ELF‘s CEO Tarang Amin

Viewpoint |

01 Jul 2026 05:00:00 ET │ 21 pages

e.l.f. Beauty Inc (ELF.N)

Takeaways From HQ Meeting with ELF’s CEO Tarang Amin

CITI'S TAKE

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, Buy

price reduction tests, the growth opportunity at rhode, tariff refunds, and Price (30 Jun 26 16:00) US$74.00

several others detailed herein. We also explored many of these topics in our

Target price US$87.00recent deep dive note. Overall, we came away from our meeting with a

greater appreciation for the initiatives the company is undertaking to Expected share price return 17.6%

improve the core e.l.f. brand, the solid growth of Naturium, and the large Expected dividend yield 0.0%

opportunity ahead for rhode. Net, we continue to see a solid topline growth

Expected total return 17.6%acceleration for the total company with potential upside to conservative

guidance, driven by rhode, Naturium, and an expected improvement in core Market Cap US$4,399M

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

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

Selective Price Reductions — ELF discussed the recent price reduction tests on core Price Performance

e.l.f. highlighting the strong elasticity response on Halo Glow Skin Tints and other (RIC: ELF.N, BB: ELF US)

SKUs, while other tests proved to the company that not all SKUs need a price

reduction. ELF plans to provide an update on the price reduction efforts on the next

earnings call in Aug. but we got a sense that price reductions will be selective and