Ulta Beauty price target raised to $450 from $390 at Citi

Citi analyst Kelly Crago raised the firm’s price target on Ulta Beauty (ULTA) to $450 from $390 and keeps a Neutral rating on the shares post the Q3 report. The comp inflection came sooner than market expectations, which is driving shares higher, the analyst tells investors in a research note. The firm views Ulta’s Q4 outlook as conservative but says heightened competitive environment and category headwinds remain.