Oppenheimer re-added Ulta Beauty back to top pick status after hosting management. Commentary suggests a still healthy beauty category with strong levels of innovation, and Ulta is pleased with recent brand launches while upbeat on its innovation pipeline for the second half of 2024, the analyst tells investors in a research note. The firm says the company is focused on sales and traffic driving initiatives to defend its strong market share position amid current competitive dynamics. Opco sees a “very compelling risk/reward scenario” for the shares, with downside risk to the $370s and upside to its $475 price target over the next 12-18 months. It believes consensus estimates are largely de-risked with Ulta’s 2024 outlook now more realistic.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ULTA:
- Ulta Beauty Stock (NASDAQ:ULTA): The More It Drops, The More I Buy
- Ulta Beauty director Mrkonic sells $155K shares of company stock
- Ulta Beauty price target lowered to $394 from $434 at Barclays
- Ulta Beauty price target lowered to $500 from $540 at BMO Capital
- Ulta Beauty price target lowered to $500 from $520 at TD Cowen