Ulta Beauty price target raised to $510 from $390 at BMO Capital

BMO Capital raised the firm’s price target on Ulta Beauty to $510 from $390 but keeps a Market Perform rating on the shares. The company’s Q4 results saw a "meaningful beat" as better sales flowed through at in-line gross margins and its FY23 guidance was above expectations, the analyst tells investors in a research note. The firm adds however that while Ulta Beauty remains among one of the best growth stories in retail, at this point, this is reflected in its shares.