As previously reported, Loop Capital upgraded Ulta Beauty (ULTA) to Buy from Hold with a price target of $520, up from $490. The company’s luxury brand expansion represents a multi-year comparable sales growth driver, while the continued rollout of Ulta Beauty at Target (TGT) shop-in-shops will drive incremental income as well as Ultamate Rewards memberships, the analyst tells investors in a research note. The recent uptick in shrink will also dissipate over time, the firm states, adding that Ulta Beauty still generates strong free cash flow.
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Published first on TheFly
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