Ulta Beauty price target lowered to $460 from $500 at Telsey Advisory

Telsey Advisory analyst Dana Telsey lowered the firm’s price target on Ulta Beauty (ULTA) to $460 from $500 and keeps an Outperform rating on the shares. After a challenging first half of FY24, the company has steadied itself in the second half, delivering a second consecutive quarter of better-than-expected results in Q4, the analyst tells investors. The firm continues to see the company’s store portfolio, infrastructure and omni-channel capabilities, loyalty program, and brand partnerships as competitive advantages.