Morgan Stanley analyst Simeon Gutman raised the firm’s price target on Ulta Beauty to $535 from $510 and keeps an Equal Weight rating on the shares, stating that the firm’s 2023/24 estimates moving higher after the company’s "strong" Q4 results and arguing that the Street’s FY23 estimates "seems conservative." However, slowing unit growth, moderating comps and margin contraction keep the firm at Equal Weight.
Published first on TheFly
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