JPMorgan lowered the firm’s price target on Ulta Beauty to $530 from $600 and keeps an Overweight rating on the shares. The analyst reduced Q1 and fiscal year comp and earnings estimates on softer trends. The firm’s work indicates some softening of trends for the balance of April and expectations of flattish comps for Q1 overall. However, Ulta has the capabilities to promote more efficiently than the bears assume given 95% of sales come through its loyalty card and considering its ability to dial back expenses, the analyst tells investors in a research note.
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