DA Davidson lowered the firm’s price target on Ulta Beauty to $435 from $507 and keeps a Buy rating on the shares. The company’s earnings miss is a result of increased weakness in the prestige beauty industry, as well as continued share loss for Ulta in the segment, but the share losses aren’t getting worse and may be leveling off, the analyst tells investors in a research note. DA Davidson is cutting its FY24 EPS view to $23.44 from $25.68 but also sees the latest pullback as a “buying opportunity” for this “Best-of-Breed Bison” list name.
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