Baird lowered the firm’s price target on Ulta Beauty to $485 from $525 and keeps an Outperform rating on the shares. The firm anticipates Q2 results near consensus as mixed demand and higher promos through the quarter appear consistent with consensus figures. Choppy demand indicators and more aggressive promotions are understandably weighing on sentiment, and the firm is reducing 2H24 estimates to reflect reduced confidence in comp acceleration.
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