Evercore ISI lowered the firm’s price target on Ulta Beauty (ULTA) to $430 from $500 and keeps an Outperform rating on the shares. The analyst, who is removing Ulta from the “Top 5 Outperformers list” ahead of Q2 earnings given continued category weakness, tough competitive dynamics, and the recent bounce in the stock, lowered the Q2 EPS estimate to $5.43 from $5.60 and lowered FY24 by 4% to $24.50 from $26.00. The analyst moves Gap (GPS) back into the “Top 5” in Ulta’s place, it was noted.
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