Barclays lowered the firm’s price target on Ulta Beauty to $394 from $434 and keeps an Equal Weight rating on the shares. The firm notes Ulta reported above-consensus Q1 EPS of $6.47 vs. Street of $6.29, with missing gross margin offset by OpEx and tax rate coming in better than anticipated. Despite beating estimates, FY24 guidance was lowered for most metrics as the beauty category is normalizing and there are incremental points of distribution in prestige.
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- Ulta Beauty price target lowered to $500 from $540 at BMO Capital
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