Ulta Beauty price target raised to $550 from $520 at Loop Capital

Loop Capital raised the firm’s price target on Ulta Beauty (ULTA) to $550 from $520 but keeps a Hold rating on the shares. The firm is incrementally more bullish on the stock after holding meetings with its senior management, particularly given the continued beauty product industry growth and the company’s burgeoning luxury product assortment and Target (TGT) shop-in-shops, the analyst tells investors in a research note. Loop adds however that at 21.5-times expected FY23 earnings, the upside potential and downside risk are fairly balanced at current levels.