J.P. Morgan analyst Christopher Horvers has maintained their bullish stance on ULTA stock, giving a Buy rating yesterday.
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Christopher Horvers has given his Buy rating due to a combination of factors that suggest positive growth prospects for Ulta Beauty. The Nielsen and Circana data indicate a potential 4-6% increase in comparable sales for Ulta in the upcoming quarter. This projection is supported by a strong correlation between Ulta’s same-store sales and the broader beauty market trends captured by these data sources.
Moreover, despite a slight deceleration in some beauty categories, Ulta’s performance remains robust compared to industry benchmarks. The company’s guidance and market expectations align with these projections, suggesting a prudent yet optimistic outlook. Horvers’s analysis considers these factors as indicative of Ulta’s potential to outperform market expectations, justifying the Buy rating.
Horvers covers the Consumer Cyclical sector, focusing on stocks such as Home Depot, AutoZone, and Ulta Beauty. According to TipRanks, Horvers has an average return of 9.4% and a 61.26% success rate on recommended stocks.
In another report released yesterday, Telsey Advisory also maintained a Buy rating on the stock with a $640.00 price target.