Morgan Stanley lowered the firm’s price target on Ulta Beauty (ULTA) to $460 from $500 and keeps an Overweight rating on the shares. The firm thinks guided FY25 comps of 0%-1% are “already priced into the stock” believes comps of 2% or higher “brings the upside case into play.” FY25 guidance “seems conservative and leaves room to over deliver,” the analyst added in a post-earnings note.
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