Expect some major announcements from The Estee Lauder Companies and e.l.f Beauty, or so says Seeking Alpha.

The website quotes Piper Jaffray, who believes that the two companies are looking at making strategic acquisitions in the near future. Analyst Erinn Murphy cites the ‘dry spell’ at The Estee Lauder Companies as cause – the company’s last major M&A activity was that of Too Faced and Becca back in 2016.

“Our strong results, combined with future benefits we expect from the passage of the new Tax Cuts and Jobs Act, further enhance our ability to strategically invest in faster-growing areas of prestige beauty to attract new customers,” Lauder CEO Fabrizio Freda was quoted as saying following the company’s announcement of its second-quarter results back in February.

Meanwhile, e.l.f is said to have the resources to consider a deal in the US$30 million to US$50 million range, says Murphy.