11:26 AM EST, 03/06/2024 (MT Newswires) -- E.l.f. Beauty's (ELF) biggest near-term opportunity continues to be shelf space expansions at Walmart ( WMT ) , BofA Securities said Wednesday in a report.

The cosmetic company presently has about 8 feet of shelf space at Walmart ( WMT ) and 3 feet at the drug channel, compared with 13 feet at Target ( TGT ) and 12 feet at Ulta Beauty ( ULTA ) versus 20 feet for legacy brands, on average, BofA said.

E.l.f. "continues to catch up to Target ( TGT ), with incremental gains at Walmart ( WMT ), with a further expansion in summer 2024," BofA said. "Over time, we expect shelf space at Walmart ( WMT ) to exceed that of Target ( TGT )."

BofA increased its Q4 sales growth outlook to 56% from 52%.

BofA boosted its price objective on e.l.f. stock to $230 from $200 while reiterating its buy rating.

E.l.f.'s shares rose 3.8% in recent trading Wednesday.

Price: 209.29, Change: +7.68, Percent Change: +3.81