Ulta Beauty price target raised to $540 from $485 at BMO Capital

BMO Capital raised the firm’s price target on Ulta Beauty to $540 from $485 and keeps a Market Perform rating on the shares. The company’s Q4 results topped expectations with better margins, and its FY24 outlook will likely prove “conservative”, the analyst tells investors in a research note. BMO also raises its FY24 EPS view for Ulta Beauty to $27.15 from $26.20 as it remains positive on the company’s consistent execution.