Citi lowered the firm’s price target on Ulta Beauty to $400 from $485 and keeps a Neutral rating on the shares. The firm expects a Q1 earnings per share miss vs consensus driven by weaker comps, adding that it also believes management will take a “more conservative” view on guidance. The recent step-up in competition will also be a big focus of the quarterly report, with fears that Ulta must invest more in promos and marketing to maintain market share, the analyst tells investors in a research note.
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