Ulta Beauty price target raised to $530 from $455 at Argus

Argus analyst Kristina Ruggeri raised the firm’s price target on Ulta Beauty to $530 from $455 and keeps a Buy rating on the shares. The analyst is positive on the company’s business partnerships, loyalty programs, strong customer engagement, and new focus on wellness. Ruggeri also cites Ulta’s most recent operating margin of 15.5% coming in at a record high. The analyst is raising her FY23 EPS view on the stock to $22.75 from $21.00 and her FY24 view to $23.82 from $22.55.