Wells Fargo lowered the firm’s price target on Ulta Beauty (ULTA) to $300 from $310 and keeps an Underweight rating on the shares. The firm adjusted ratings in retail cut 2026 earnings estimates well below the Street to reflect current tariff headwinds and assumptions for a mild recession. Both headwinds will begin impacting numbers in the second half of 2025, the analyst tells investors in a research note.
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