In a report released yesterday, Susan Anderson from Canaccord Genuity maintained a Buy rating on Ulta Beauty, with a price target of $653.00.
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Susan Anderson’s rating is based on several strategic developments at Ulta Beauty that indicate a promising outlook. The appointment of Christopher DelOrefice as the new CFO, who brings extensive financial leadership experience, is expected to support the company’s ongoing strategic initiatives. His background in leading core finance functions and corporate development is anticipated to align well with Ulta’s goals.
Additionally, Ulta’s ‘Beauty Unleashed’ strategy is already yielding positive results, with notable growth in comparable sales exceeding market expectations. The company’s focus on expanding its brand assortment, enhancing customer experience, and exploring new business opportunities in adjacent categories like wellness and personal care, suggests a robust growth trajectory. These factors collectively underpin Susan Anderson’s Buy rating for Ulta Beauty.
ULTA’s price has also changed dramatically for the past six months – from $349.590 to $537.290, which is a 53.69% increase.