E.l.f. Beauty (ELF) could meet the upper end of its implied fiscal Q4 outlook, but is likely to issue an initial fiscal 2027 outlook below Street consensus, Oppenheimer said in a Wednesday note.

The company is scheduled to post its fiscal Q4 results on May 20.

Oppenheimer said the period likely benefited from the rhode brand acquisition and mid-single-digit consumption growth in the core business.

The company is likely to guide fiscal 2027 earnings per share below the $3.63 Street estimate as management typically takes a conservative approach and is expected to reflect macro uncertainties in its outlook, the investment firm said.

"We see limited visibility on a major inflection shorter term as the company will soon be lapping material price increases," Oppenheimer noted, while calling rhode a "clear bright spot" for the company.

Oppenheimer reiterated its perform rating on the stock.

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