Jefferies downgraded Ulta Beauty to Hold from Buy with a price target of $438, down from $585. The analyst has a “more cautious” view regarding the company sustaining mid-single-digit comps growth due to increasing competition, aging brand mix, and a normalizing category. Ulta has been considered as a share taker by the firm in the current macro, but Jefferies sees constraints on the company’s prestige business that accounts for 50% of sales due to lack of newness and increasing pressure from Sephora, the firm tells investors in a research note.
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