BofA raised the firm’s price target on Ulta Beauty to $510 from $490 and keeps a Neutral rating on the shares. A comp and margin beat in Q3 should help allay some investor concerns, but Q4 comp guidance for “flat to up modestly” paints “a picture of a more difficult backdrop,” the analyst tells investors in a post-earnings note. The firm thinks long term sales opportunities are balanced by near-term comp and margin pressure, the analyst added.
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