Ulta Beauty price target lowered to $630 from $635 at Evercore ISI

Evercore ISI lowered the firm’s price target on Ulta Beauty to $630 from $635 and keeps an Outperform rating on the shares. The better-than-expected top line guidance leaves the thesis intact despite what the firm calls a “messy” Q4 report. While the stock will likely see pressure on disappointing margin guidance in the near-term, the firm thinks the focus will shift to a stronger than expected top line outlook and “a believable comp acceleration story,” the analyst tells investors.