Shares of e.l.f. Beauty (ELF) - Get Report jumped more than 3% Tuesday after the company received an upgrade from analysts at research firm DA Davidson.

The cosmetics company's stock jumped 3.1% to $11.91 in trading on the New York Stock Exchange after analysts at DA Davidson upgraded the company to buy from neutral, noting that it has seemingly overtaken COVERGIRL to become No. 3 in shelf space at Target stores.

Analysts surveyed by FactSet currently have an average $8.68 price target for the company's stock.

Based in Oakland, California, e.l.f. Beauty sells makeup and other cosmetics products largely at $1, $3, and $6 price points. The company competes with Revlon (REV) - Get Report , L'Oreal (LRLCY) and Coty (COTY) - Get Report

Coty's beauty division includes the COVERGIRL, Max Factor, Sally Hansen and Rimmel brands.