Ulta Beauty price target lowered to $440 from $450 at Raymond James

Raymond James analyst Olivia Tong lowered the firm’s price target on Ulta Beauty to $440 from $450 and keeps an Outperform rating on the shares. Ulta is hosting its Analyst Day on October 16, its first investor day in three years, and with beauty growth decelerating from its heights after a period of elevated growth and beauty retail becoming more competitive, it is coming at a pivotal time for Ulta, the analyst tells investors in a research note. The beauty category remains attractive long-term, with outsized volume and pricing opportunity and as consumers enter the category at a younger age, even if near-term competition is more elevated, the firm says, adding that the valuation pullback is creating a compelling opportunity.