Oppenheimer raised the firm’s price target on Ulta Beauty (ULTA) to $465 from $435 and keeps an Outperform rating on the shares ahead of quarterly results. In a more difficult beauty backdrop lately, the firm believes management is still well positioned to deliver on FY25 targets. Oppenheimer continues to see solid in-store execution and a rational promotional backdrop. The firm is encouraged by the strategic direction of the company under new CEO Kecia Steelman and are focused on management’s execution of key digital priorities in the coming quarters to sustain the company’s competitive position vs. Amazon (AMZN), Walmart (WMT), and others.
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