JPMorgan analyst Christopher Horvers raised the firm’s price target on Ulta Beauty to $544 from $530 and keeps an Overweight rating on the shares. The company’s earnings report represented a “strong first step to de-basing the bear case” with up 1.6% comps that came in above flattish expectations, the analyst tells investors in a research note. The firm believes Ulta only needs to deliver on the updated outlook for further re-rating of the shares.
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