JPMorgan raised the firm’s price target on Ulta Beauty (ULTA) to $525 from $477 and keeps an Overweight rating on the shares. The company’s results were well-above expectations both in terms of comp and margins, the analyst tells investors in a research note. The firm says Ulta gained share in mass and prestige, despite Amazon (AMZN) having more access and the significant expansion of doors across retail in the past four years. JPMorgan believes the quarter should support multiple expansion as Ulta’s share gains relieve structural concerns and the margin performance creates expectations for upward revisions.
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