03:25 PM EDT, 08/01/2024 (MT Newswires) -- E.l.f. Beauty (ELF) is expected to report "strong" fiscal Q1 topline growth on Aug. 8 and to lift its full-year guidance, UBS Securities said Thursday in a report.

The investment firm projected 38% growth in fiscal Q1 revenue from a year earlier, compared with the consensus forecast for a 40% increase, with earnings projected at $0.81 a share versus the consensus at $0.85.

The company probably will increase full-year revenue and earnings guidance "with conservatism still baked in," UBS said.

Full-year earnings may be $3.40 a share, compared with the consensus at $3.41 and the company's initial guidance of $3.20 to $3.25, UBS said.

While "overhangs" remain such as concerns on tariffs, rising ocean freight costs and slowing scanner data, "the risk/reward continues to skew to the upside, particularly with positive estimate revisions potentially on the horizon," UBS said.

UBS has a buy rating on the stock and a $250 price target.

Shares of the company fell 2.5% in recent trading Thursday.

Price: 168.21, Change: -4.37, Percent Change: -2.53