Ulta Beauty price target raised to $550 from $500 at Baird

Baird analyst Mark Altschwager raised the firm’s price target on Ulta Beauty to $550 from $500 and keeps an Outperform rating on the shares. The analyst raised his estimates and sees room for upside if the spending environment remains stable as guidance is baking in deceleration and weaker margins, leaving room to maneuver in an uncertain backdrop.