Ulta Beauty price target raised to $545 from $500 at Argus

Argus raised the firm’s price target on Ulta Beauty to $545 from $500 and keeps a Buy rating on the shares after its Q3 earnings beat. The company focused on ‘influencer’ and media partnerships, social media, and other digital platforms to drive sales and position itself as the retailer of ‘All Things Beauty, All in One Place’, while also benefiting from partnerships with a range of cosmetics and fragrance manufacturers, the analyst tells investors in a research note. Ulta’s wide range of product offerings and price points should position it well for potential consumer trade-down in a weak economy as was experienced this quarter, the firm adds.