JPMorgan ups Ulta Beauty target but removes from Focus List

JPMorgan analyst Christopher Horvers raised the firm’s price target on Ulta Beauty to $535 from $510 and keeps an Overweight rating on the shares. The analyst also removed Ulta from the firm’s Analyst Focus List. Horvers still sees a favorable stock setup into 2023 but says the "degree of upside isn’t as big as it was." He expects "prudent guidance" given the slower start to the quarter along with a beat in Q3. Momentum investors are shifting to a "glass half empty view given slower comps," Horvers tells investors in a research note.