Citi lowered the firm’s price target on Ulta Beauty to $440 from $475 and keeps a Neutral rating on the shares. The analyst also opens a “30-day negative catalyst watch” on the shares. The firm anticipates a slight Q3 earnings miss for Ulta due to the impact of lapping favorable pricing dynamics last year and higher promotions. The analyst anticipates management will lower fiscal 2023 guidance, taking a more cautious view of the holiday season given slowing category trends, higher promos and ongoing shrink headwinds. Citi believes these challenges will continue into fiscal 2024.
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