JPMorgan analyst Christopher Horvers lowered the firm’s price target on Ulta Beauty to $450 from $544 and keeps an Overweight rating on the shares as the firm previewed Q2 earnings ahead of the company reporting Thursday after the market close. The firm, which says its work indicates that most investors expect a down 1% outcome for same-store sales, is lowering its own Q2 comp forecast to flat. Ahead of the report, the firm is also lowering its second half comp growth view to 1% with calls for Q2 EPS of $5.46 and FY24 EPS of $25.10, versus the $5.50 and $25.36 consensus, respectively.
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