Jefferies assumed coverage of Ulta Beauty (ULTA) with a Hold rating and a price target of $700, up from $600, while taking over specialty softlines. Revisiting the 2026 outlook with a sharper lens on how the K-shaped consumer backdrop shapes beauty spending, the analyst says the firm’s conviction in a makeup cycle remains. Elf Beauty (ELF) stays the firm’s top pick, and it sees Ulta as well-positioned as trade-down behavior creates opportunity for share gains, the analyst added.
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