Ulta Beauty price target lowered to $595 from $665 at Piper Sandler

Piper Sandler analyst Korinne Wolfmeyer lowered the firm’s price target on Ulta Beauty to $595 from $665 and keeps an Overweight rating on the shares. The firm’s 47th semi-annual Taking Stock With Teens Survey showed that beauty remains a strong and growing category for younger consumers, but there are areas of moderation. Piper still believes beauty stock reactions to recent Ulta Beauty commentary were overdone, though there is some truth to that commentary with both skincare and makeup decelerating to +low/mid-single-digit percentage year-over-year vs. +low double-digits percentage the past several surveys.