E.l.f. Beauty's (ELF) fiscal Q2 earnings have limited upside potential, and its full-year guidance, if provided, is likely to be "conservative," Oppenheimer said in a note Tuesday.

Analysts said they expect a stable core business and positive commentary on rhode, but are hoping that management would provide a more concrete guidance, including rhode's earnings and revenue contributions for the rest of the year. The company signed a deal to acquire rhode in May.

E.l.f. is scheduled to report its fiscal Q2 financial results on Wednesday.

Consensus forecasts for Q2 sales are largely achievable, but Oppenheimer said its Q2 EPS expectation of $0.54 is below the Street's $0.57 estimate.

Recent China tariff developments could represent a new positive for the company's fiscal 2027 bottom line, analysts said, adding that e.l.f. shares remain on their radar.

Oppenheimer has a perform rating on the stock.

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