Elf Beauty rises after BofA boosts PT on Rhode brand launch

** Makeup company Elf Beauty's ELF.N shares up 2.6% at $147

** Bank of America raises PT to 160 from $135; reiterates "buy" rating

** Brokerage now sees fiscal 2026 sales growth of 26% vs 25% earlier, as it forecasts strong brand launch of Rhode and better-than-expected elasticities

** ELF acquired model Hailey Bieber's makeup and skincare brand, Rhode, for about $1 billion in May

** BofA expects slightly better sales contribution from Rhode in Q2, with improving trends at ELF relative to price increases/elasticities to provide upside to sales growth through Q4

** Longer-term, BofA expects sales growth to be primarily volume-driven

** ELF's stock has risen 14% YTD, as of last close