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 launchShopify surges, AMD slides premarket as earnings disappointExclusive: Modovolo taps BQP quantum-inspired software to cut drone design cycle