Loop Capital keeps a Buy rating and $530 price target on Ulta Beauty (ULTA) ahead of its Q2 results. The analyst notes that the firm remains “very bullish” on the stock given the favorable U.S. macroeconomic backdrop, including low unemployment, healthy wage growth, falling gasoline prices, and rising consumer confidence. Loop further cites the continued rollout of Ulta Beauty at Target (TGT) shop-in-shops and the continued expansion of shrink mitigation measures, which should drive improved gross margins. The stock also trades at an “inexpensive valuation” relative to its historical level, the firm added.
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