Baird lowered the firm’s price target on Ulta Beauty to $550 from $560 and keeps an Outperform rating on the shares. The firm said results exceeded expectations with better comps and margins. Management raised its full-year outlook, essentially flowing through the FQ2 beat, an encouraging indicator that promotions and shrink haven’t incrementally worsened since last quarter, though this remains a risk in H2.
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Read More on ULTA:
- Ulta Beauty price target raised to $571 from $570 at Deutsche Bank
- Ulta Beauty raises FY23 EPS view to $25.10-$25.60 from $24.70-$25.40
- Ulta Beauty reports Q2 EPS $6.02, consensus $5.85
- Ulta Beauty options imply 5.9% move in share price post-earnings
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