Ulta Beauty price target raised to $665 from $635 at Piper Sandler

Piper Sandler analyst Korinne Wolfmeyer raised the firm’s price target on Ulta Beauty to $665 from $635 and keeps an Overweight rating on the shares. Ulta remains a top idea within the firm’s Beauty & Wellness coverage following the Q4 results, and Piper thinks concerns on margins are overblown. The firm thinks Ulta is in a healthy margin position at 14%+ operating margin with room to move back toward 15% beyond this year.