Ulta Beauty price target lowered to $480 from $520 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Ulta Beauty to $480 from $520 and keeps an Equal Weight rating on the shares. Ulta “is a bit of a battleground stock at the moment” as Q2 results “gave something or left something for both bulls and bears,” says the firm, which adds that it would “lean positive” in the context of its unchanged Equal Weight rating. For FY23, the firm models about 5% growth in comps and about 140 basis points of EBIT margin contraction, the analyst noted.