Deutsche Bank lowered the firm’s price target on Ulta Beauty to $424 from $426 and keeps a Buy rating on the shares. The firm thinks the investor day will be an opportunity for Ulta to set achievable three-year targets. The analyst says we have entered a period of more normalized beauty category growth, “which combines with greater competitive intensity.” It is also also expecting a reset in comp and profitability targets. Investors are anticipating that Ulta’s recent challenges will continue well into the future, the analyst tells investors in a research note.
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