The host has long expected ELF to exit the year between $120 and $140, and views it as one of the stocks rising regardless of market direction.

He grades the latest ELF quarter very highly, citing 51% net sales growth, 579% operating income growth, 900% EPS growth, a much stronger balance sheet and raised 2027 guidance above $2 billion of revenue; net margin is still thin and the stock is no longer the $49 bargain, but he keeps a 120-140 year-end target, a 300-500 long-term view and repeats that it is still a buy.

Elf trades at $109 and the host previously said it would exit this year between $100 and $140 (a $120 midpoint), implying further upside. Analyst revenue growth and EPS estimates are too bearish given the brand's retail expansion and international growth. He has owned the stock since 2019.