Piper Sandler raised the firm’s price target on Ulta Beauty to $357 from $356 and keeps a Neutral rating on the shares. While faster and stronger unit growth and a new buyback program were encouraging updates during the company’s investor day as the firm thinks about longer term supporting factors of this stock, a weaker than hoped for margin guide and talked-down expectations for 2025 were where investors were most focused. Now, Piper does think the event provided a necessary estimate reset. That said, the road ahead still looks bumpy, the firm acknowledges.
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