DA Davidson analyst Michael Baker raised the firm’s price target on Ulta Beauty to $605 from $545 and keeps a Buy rating on the shares after its Q4 earnings beat and above-consensus guidance. The company’s strong results as well as earnings guidance should help support the significant 880 bps year to date outperformance of the shares as Ulta continues to benefit from economic reopening and returns to social engagements, the analyst tells investors in a research note. The firm maintains that Ulta Beauty is one of its top ideas for 2023.
Published first on TheFly
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