Investing.com -- Bernstein upgraded Elf Beauty to Outperform from Market-Perform and nearly doubled its price target to $113 from $60, citing a stronger-than-expected start to the company's newly launched hair care line. Elf entered the hair care category in June 2026 with a six-product assortment priced between $6 and $10, marking its largest category expansion since the launch of e.l.f. According to Nielsen data, hair care accounted for roughly 3% of the company's total tracked sales in the weeks following launch, averaging 2.8% over the first three weeks. Applying a similar trajectory, Bernstein estimates Elf could reach approximately 0.9% market share in hair care by 2029, translating to about $210 million in fully incremental annual net sales. Related articlesElf Beauty stock climbs as Bernstein upgrades on strong hair care launchCiti pushes back Fed rate cuts to May after blowout January jobs report5 reasons why Jefferies thinks Meta's pullback is a buying opportunity