Canaccord raised the firm’s price target on Ulta Beauty to $620 from $606 and keeps a Buy rating on the shares. The firm said they believe beauty has yet to see a major slowdown and Ulta’s consumer centricity has made it the best place to shop for beauty due to its wide range of products across mass and prestige. Canaccord also believes Ulta can handily deliver on its 14-15% long-term EBIT margin expectations.
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