Morgan Stanley lowered the firm’s price target on Ulta Beauty (ULTA) to $700 from $750 and keeps an Overweight rating on the shares. Execution of the company’s “Unleashed” strategy reinforces Ulta’s share gain potential, but near-term upside hinges on sustained comp outperformance and better visibility on normalizing SG&A spending, the analyst tells investors in a post-earnings note.
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