Jefferies lowered the firm’s price target on Ulta Beauty to $585 from $610 and keeps a Buy rating on the shares after having hosted meetings with Ulta executives that left the analyst with a “more mixed” near-term view. The risk/reward is still favorable, and the firm is “hopeful for directional improvement throughout the year,” but increasing competition and category moderation are headwinds, says the analyst, who is removing the stock from the firm’s “franchise pick list.”
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