Wells Fargo raised the firm’s price target on Ulta Beauty to $375 from $350 and keeps an Underweight rating on the shares. Ulta’s print was essentially in line with what was expected, with comps accelerating through the quarter, driving EPS upside and a slight raise to FY guidance, but almost the entire EPS beat was due to an expense timing shift and Ulta spoke to continued pressure on merchandise margins, the analyst tells investors in a research note.
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Read More on ULTA:
- Ulta Beauty price target lowered to $550 from $560 at Baird
- 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