Telsey Advisory lowered the firm’s price target on Ulta Beauty to $450 from $500 and keeps an Outperform rating on the shares. The company saw comparables in Q2 miss expectations and posted its first comparable decline since Q4 2020, which was the result of shifting consumer behavior, increasing competitive pressure, store inventory allocation disruption, and macro challenges, the analyst tells investors. Despite this, the firm continues to see beauty as a fundamentally sound growth category and believes the company has many competitive challenges and diverse offerings to appeal to customers.
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