Goldman Sachs analyst Kate McShane downgraded Ulta Beauty to Neutral from Buy with a price target of $508, down from $511. The company’s market share gains from here are likely to be "more limited" and it faces difficult year-over-year compares following a strong 2022, McShane tells investors in a research note. In addition, Ulta’s margin risk "skews to the downside" given a high level of investing next year and its current valuation suggests limited upside, says the analyst.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on ULTA:
- Ulta Beauty CEO: Consumer is loving what we are offering
- Ulta Beauty price target raised to $548 from $511 at Barclays
- Ulta Beauty price target raised to $545 from $490 at DA Davidson
- Ulta Beauty price target raised to $607 from $589 at Deutsche Bank
- Ulta Beauty price target raised to $550 from $500 at Baird
