Evercore ISI initiated coverage of Ulta Beauty (ULTA) with an Outperform rating and $460 price target. The firm likes the rapid innovation pace and strong replacement cycle dynamics in the Beauty category relative to its core Apparel/Footwear coverage, the analyst tells investors. While acknowledging new competitive forces to consider, including Amazon (AMZN), the firm thinks the “playground physical store experience,” vast merchandise assortment, and highly educated sales force to drive conversion makes Beauty Specialist retailers such as Ulta and Sephora “the category killer.”
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