Piper Sandler raised the firm’s price target on Ulta Beauty (ULTA) to $386 from $364 and keeps a Neutral rating on the shares. Given the slowing cosmetics market and foot traffic turning negative in Q1, the firm does worry Street estimates for the quarter might be a bit high. That said, with easing competition from Sephora and enhanced member engagement efforts from Ulta, Piper doesn’t think a meaningful miss is likely.
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