Loop Capital lowered the firm’s price target on Ulta Beauty to $450 from $520 but keeps a Buy rating on the shares. The company’s Q2 results were undoubtedly disappointing, including the first comparable sales decline since the COVID-19 pandemic was in full swing and a second FY24 guidance reduction this year, but while the firm warns that it may take Ulta Beauty time to adjust to the “new normal” competitive landscape, it also believes that the company’s formidable business model will eventually shine through, the analyst tells investors in a research note.
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