Ulta Beauty price target raised to $580 from $550 at Baird

Baird raised the firm’s price target on Ulta Beauty to $580 from $550 and keeps an Outperform rating on the shares. The analyst said Ulta delivered big earnings upside on higher sales and margins, capping a year of remarkable growth. We are encouraged by initial 2023 guidance, which points to ongoing comp growth and operating margins holding above the high end of prior long-term targets.