Ulta Beauty price target raised to $565 from $505 at Stifel

Stifel raised the firm’s price target on Ulta Beauty to $565 from $505 and keeps a Hold rating on the shares. Ulta reported “solid” Q4 results along with first-time guidance that was “mixed relative to expectations,” the analyst tells investors. For FY24, Ulta anticipates U.S. beauty category growth to moderate to mid-single-digits, which likely reflects some conservatism but also competitive dynamics, added the analyst, who raised FY24 and FY25 estimates “slightly” following the report.