Ulta Beauty price target lowered to $412 from $438 at Jefferies

Jefferies lowered the firm’s price target on Ulta Beauty to $412 from $438 and keeps a Hold rating on the shares. Despite lowered expectations, the firm believes the set up is still challenging because even if Ulta beats in Q1, the second half implied range is “still very high,” the analyst tells investors in an earnings preview note. While the firm doesn’t expect a guidance cut this quarter, it does expect downward revisions to Street estimates and adds that it needs “clearing events to get constructive.”