Oppenheimer analyst Rupesh Parikh lowered the firm’s price target on Ulta Beauty to $450 from $475 and keeps an Outperform rating on the shares. The firm also removed Ulta from its top pick status. In recent weeks, Oppenheimer has seen continued aggressive promotions from Ulta, which suggests to the firm ongoing challenges and potential risks to company’s fiscal 2024 guidance. The firm trimmed estimates for both fiscal 2024 and 2025 to reflect more conservative comp growth assumptions and the impact “of what appears to be an incrementally more promotional backdrop.” Opco finds it unclear what management has built into guidance on the promotional front but its tracking of promotions suggests “fairly aggressive efforts” on a year-over-year basis have continued.
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