Analyst Susan Anderson from Canaccord Genuity maintained a Buy rating on Ulta Beauty and keeping the price target at $650.00.
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Susan Anderson’s rating is based on Ulta Beauty’s strategic initiatives and market positioning. The company has shown success with its “Beauty Unleashed” strategy, which focuses on driving core business growth, scaling new business opportunities, and realigning its organizational structure for future success. This strategy has already resulted in accelerated comparable sales growth, indicating strong execution under the new CEO, Kecia Steelman.
Additionally, the resilience of the beauty category, even in uncertain economic conditions, supports a positive outlook for Ulta. The upcoming launch of Ulta’s third-party marketplace is expected to expand product offerings and leverage its substantial loyalty program, potentially offsetting the impact of exiting Target locations. These factors, combined with prudent management and a cautious yet optimistic guidance for the second half of the year, contribute to Anderson’s Buy rating for Ulta Beauty.
In another report released today, Piper Sandler also reiterated a Buy rating on the stock with a $590.00 price target.