JPMorgan analyst Christopher Horvers lowered the firm’s price target on Ulta Beauty to $505 from $526 and keeps an Overweight rating on the shares ahead of the earnings report on Thursday. The firm tweaked lower its Q3 and Q4 earnings forecasts while its 2024 estimate is reduced 3% to $26.53 per share, which compares to the current $26.92 consensus. The reduction to 2023 forecasts is driven by incremental gross margin pressure given price-cost laps in Q4 and some additional promotions in the second half of the year, the analyst tells investors in a research note.
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