Ulta Beauty price target raised to $480 from $472 at JPMorgan

JPMorgan raised the firm’s price target on Ulta Beauty (ULTA) to $480 from $472 and keeps an Overweight rating on the shares post the Q3 report. The company’s flip to slightly positive comps and year-over-year promotional margins being better than Q3 are in-line with plan and still up versus 2019, “representing more nails in the coffin of the structural bear case,” the analyst tells investors in a research note. The firm says Ulta’s setup in 2025 “continues to shine.”