Evercore ISI lowered the firm’s price target on Ulta Beauty to $500 from $630 and keeps an Outperform rating on the shares. The company’s Q1 earnings topped lowered Street expectations, the analyst tells investors in a research note. The firm is “encouraged” that Ulta took down its fiscal 2025 guidance but is disappointed in the company’s recent softness in trends and market share. However, “it could have been far worse than thought given the competitive dynamics in play,” contends Evercore.
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