Consumers might be cutting back on some items due to inflation, but a survey conducted by Cowen analysts shows people plan to stick with their beauty regimen. Cowen surveyed 1,000 respondents and 70% to 75% indicate they will spend the same amount on beauty products this year compared with last year. Cowen puts the total addressable market (TAM) for the beauty category at $55 billion. Ulta Beauty Inc. /zigman2/quotes/210513442/composite ULTA +3.70% is the analyst group's top pick. "We believe Ulta will be less affected by waning consumer demand and continue to drive share gains, given the resilience of beauty," Cowen's report says. Other top picks include Estee Lauer /zigman2/quotes/200740220/composite EL +4.50% , Olaplex /zigman2/quotes/229722202/composite OLPX +5.84% and Neutrogena. Raymond James analysts note that Target Corp. /zigman2/quotes/207799045/composite TGT +2.46% called out the strength of the beauty category in the first-quarter despite a profit miss. E.L.F. Beauty Inc. /zigman2/quotes/202760864/composite ELF +4.15% is scheduled to report fiscal fourth-quarter earnings on Wednesday after the closing bell. The beauty brand has gained shelf space at Ulta, and D.A. Davidson says E.L.F. could double its shelf space in Walmart Inc. /zigman2/quotes/207374728/composite WMT +0.08% , Ulta and Target in the coming years. E.L.F. shares are down 35.2% for the year to date.