Ulta Beauty price target raised to $540 from $530 at Loop Capital

Loop Capital analyst Anthony Chukumba raised the firm’s price target on Ulta Beauty to $540 from $530 and keeps a Hold rating on the shares. The company concluded a “strong” FY23 with a “healthy” Q4 performance that included better-than-expected comparable sales growth, operating margin expansion, and a sizable earnings beat to consensus expectations, the analyst tells investors in a research note. Ulta Beauty’s momentum should continue in FY24, driven by overall beauty product category expansion and the company’s strategic initiatives, the firm added.