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.

We are SO excited to announce our #elfxJkissa collab! @JkissaMakeup poured her whole heart into every piece, making it personal to her in so many ways. We can't wait for you to discover all her hidden Easter eggs. Can you guess what they are? Stay tuned ��

— e.l.f. Cosmetics (@elfcosmetics) March 1, 2019

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.