11:39 AM EDT, 08/13/2024 (MT Newswires) -- E.l.f. Beauty's (ELF) bull case scenario has less upside that previously thought after the company released its fiscal Q1 results last week, Oppenheimer said in a note Tuesday.

"We now see less upside potential to Street numbers than we envisioned last week," the note said. "As a result, we view the pullback post report as justified and believe shares currently fully value the bull case."

Last week, E.l.f. Beauty said that net sales for fiscal 2025 are now expected to range between $1.28 billion and $1.30 billion, compared with the $1.23 billion to $1.25 billion previously.

"Overall, we see meaningful upside to management's directional commentary on Q2 sales guidance, but relatively less upside to full year top-line and adjusted EBITDA targets," Oppenheimer said.

Oppenheimer has a perform rating on E.l.f. Beauty.

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