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Hopes of a less hawkish FED could boost the Consumers Staples sector with several stocks among the Zacks Cosmetic Industry standing out in particular.
With the Cosmetic Industry in the top 36% of over 250 Zacks industries here are three stocks investors may want to consider buying.
e.l.f. Beauty (ELF)
Sporting a Zacks Rank #1 (Strong Buy) Elf Beauty stock is intruiging at the moment. Elf Beauty operates as a cosmetic company that primarily offers face makeup, eye makeup, lip products, nail products, and cosmetic kits.
Trading at $84 per share, ELF stock is up a very impressive +47% year to date to easily top the S&P 500’s +7% and the Cosmetics & Toiletries Markets +1%. The strong performance could continue as Elf’s fiscal 2023 and FY24 EPS estimates have climbed 27% over the last quarter respectively.
Even better, Elf’s earnings are now projected to soar 69% this year at $1.42 per share compared to EPS of $0.84 in 2022. Plus, fiscal 2024 EPS is forecasted to rise another 11%.
Another Zacks Cosmetic Industry stock investors may want to consider buying at the moment is Inter Parfums which also sports a Zacks Rank #1 (Strong Buy).
Inter Parfums is engaged in the manufacturing, distribution and marketing of a wide rang of fragrances and related products. Rising earnings estimates are a good sign that Inter Parfums stock could continue rising this year.
Trading at $139, shares of IPAR are up +43% YTD to largely outperform the benchmark and the Cosmetic & Toiletries Market. Fiscal 2023 earnings estimates have now gone up 7% over the last 60 days with FY24 EPS estimates up 11%. Inter Platform’s earnings are now expected to be virtually flat this year and then jump 15% in FY24 at $4.62 per share.
L’Oréal is one of the most popular names among the cosmetics space and its stock currently has a Zacks Rank #2 (Buy). Being a staple among cosmetic products for over a century, L’Oréal stock is up +26% this year to outpace the S&P 500 and the Cosmetics & Toiletries Market.
Fiscal 2023 earnings estimates have risen 6% over the last 90 days with FY24 EPS estimates rising 8%. Trading at $89 per share, L’Oréal’s earnings are now expected to be up 6% this year and jump another 9% in FY24 at $2.73 per share.
Image Source: Zacks Investment Research
Takeaway
Although investors may be paying a slight premium for these cosmetic retailers the rising earnings estimates and possibility of easing inflation could continue benefiting these companies.
Judging off their year to date performances, it would be no surprise if this led to even more upside in these top-rated Zacks Cosmetic Industry stocks.
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Buy These "Beauty" Stocks for More Gains?
Hopes of a less hawkish FED could boost the Consumers Staples sector with several stocks among the Zacks Cosmetic Industry standing out in particular.
With the Cosmetic Industry in the top 36% of over 250 Zacks industries here are three stocks investors may want to consider buying.
e.l.f. Beauty (ELF)
Sporting a Zacks Rank #1 (Strong Buy) Elf Beauty stock is intruiging at the moment. Elf Beauty operates as a cosmetic company that primarily offers face makeup, eye makeup, lip products, nail products, and cosmetic kits.
Trading at $84 per share, ELF stock is up a very impressive +47% year to date to easily top the S&P 500’s +7% and the Cosmetics & Toiletries Markets +1%. The strong performance could continue as Elf’s fiscal 2023 and FY24 EPS estimates have climbed 27% over the last quarter respectively.
Even better, Elf’s earnings are now projected to soar 69% this year at $1.42 per share compared to EPS of $0.84 in 2022. Plus, fiscal 2024 EPS is forecasted to rise another 11%.
Image Source: Zacks Investment Research
Inter Parfums (IPAR - Free Report) )
Another Zacks Cosmetic Industry stock investors may want to consider buying at the moment is Inter Parfums which also sports a Zacks Rank #1 (Strong Buy).
Inter Parfums is engaged in the manufacturing, distribution and marketing of a wide rang of fragrances and related products. Rising earnings estimates are a good sign that Inter Parfums stock could continue rising this year.
Trading at $139, shares of IPAR are up +43% YTD to largely outperform the benchmark and the Cosmetic & Toiletries Market. Fiscal 2023 earnings estimates have now gone up 7% over the last 60 days with FY24 EPS estimates up 11%. Inter Platform’s earnings are now expected to be virtually flat this year and then jump 15% in FY24 at $4.62 per share.
Image Source: Zacks Investment Research
L’Oreal (LRLCY - Free Report) )
L’Oréal is one of the most popular names among the cosmetics space and its stock currently has a Zacks Rank #2 (Buy). Being a staple among cosmetic products for over a century, L’Oréal stock is up +26% this year to outpace the S&P 500 and the Cosmetics & Toiletries Market.
Fiscal 2023 earnings estimates have risen 6% over the last 90 days with FY24 EPS estimates rising 8%. Trading at $89 per share, L’Oréal’s earnings are now expected to be up 6% this year and jump another 9% in FY24 at $2.73 per share.
Image Source: Zacks Investment Research
Takeaway
Although investors may be paying a slight premium for these cosmetic retailers the rising earnings estimates and possibility of easing inflation could continue benefiting these companies.
Judging off their year to date performances, it would be no surprise if this led to even more upside in these top-rated Zacks Cosmetic Industry stocks.