BMO Capital lowered the firm’s price target on Ulta Beauty to $500 from $540 and keeps a Market Perform rating on the shares. The company’s Q1 results topped estimates on the top and bottom line, but the management – as feared – cut its FY24 guidance, the analyst tells investors in a research note. Ulta remains a compelling company, but investors will be sensitive to any signs of slowing revenue or margins, which may keep the stock multiple capped, BMO added.
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