Ulta Beauty price target raised to $570 from $503 at Cowen

Cowen raised the firm’s price target on Ulta Beauty to $570 from $503 and keeps an Outperform rating on the shares. Cowen expects Ulta to deliver above-consensus Q4 results, driven by strength in beauty demand, but is more cautious about tough comparisons in FY23 and believes management will likely stay conservative with their guidance. The stock has run up about 12% year-to-date, so guidance in line with Street "may not be enough for a positive stock reaction," said the firm, which notes that its raised target is based off its newly-introduced FY24 estimates.