Ulta Beauty price target raised to $535 from $505 at JPMorgan

JPMorgan raised the firm’s price target on Ulta Beauty to $535 from $505 and keeps an Overweight rating on the shares following the Q3 report. The analyst says the “burden of proof shifts to bears” as the company’s sales and margin outlook brightens. Ulta is a winner in a good category where the vendors need it and should trade at least in-line with the market, the analyst tells investors in a research note.