On Tuesday, Piper Sandler analyst Anna Andreeva maintained a Neutral rating on the stock and lowered the price forecast from $85 to $60.Investors are now focused on e.l.f. Beauty's fourth-quarter earnings report scheduled for release later Wednesday. Wall Street expects earnings of 23 cents per share on revenue of $423.59 million. The company has topped EPS estimates in each of the past four quarters.Bets Big On ‘SURVIVOR' FandomSeparately, e.l.f. Beauty's e.l.f. Beauty cosmetics brand partnered with CBS reality series SURVIVOR for a marketing campaign tied to the "SURVIVOR 50" finale airing Wednesday, May 20.The "e.l.f.ie Advantage" campaign features comedy-themed vignettes starring Delaney Rowe and Tiffany Ervin, along with a limited-edition product bundle.The campaign highlights e.l.f.'s Power Grip Primer, Suntouchable Whoa Glow SPF 30 and Camo Concealer products in "SURVIVOR"-inspired challenges.The company said "SURVIVOR 50" is averaging nearly 10 million viewers and recorded the franchise's highest-ever social engagement for a single episode. e.l.f. will also launch a co-branded "SURVIVOR Buff Bundle" alongside the finale.e.l.f. Beauty Technical AnalysisELF remains in a firmly bearish trend across timeframes, with the stock trading 13.6% below its 20-day SMA, 20.1% below its 50-day SMA, 30.6% below its 100-day SMA, and 44.2% below its 200-day SMA. That kind of separation from the major averages typically signals that rallies are being sold and that reclaiming trend levels will take time.Momentum also leans bearish: MACD is below its signal line and the histogram is negative, which suggests upside pressure is fading versus the prior upswing. For non-technical readers, MACD is a way to gauge whether momentum is strengthening or weakening, and being below the signal line usually means sellers have the edge unless the stock can flip that relationship back.The longer-term damage is still the main story, with the death cross (50-day SMA below the 200-day SMA) in December 2025 keeping the trend bias pointed down. On a 12-month view, shares are down 36.30%, and the stock is now pressing the bottom end of its 52-week range after the most recent swing low formed in May.