Ulta Beauty price target lowered to $610 from $630 at Raymond James

Raymond James lowered the firm’s price target on Ulta Beauty to $610 from $630 and keeps a Strong Buy rating on the shares. Ulta management called out decelerating growth across price points and product segments and said Q1 comps will be at the low end of the low single digit first half range, the analyst tells investors in a research note. Despite the slower start to the year, the firm expects beauty to be one of the stronger sectors across Consumer, and believes the sector reaction is overdone.