Citi raised the firm’s price target on Ulta Beauty (ULTA) to $450 from $425 and keeps a Neutral rating on the shares. The firm says strong execution drove Ulta’s Q1 upside. The company is showing it can differentiate with a better brand assortment and promotion strategy, leaving Citi more positive on the business, the analyst tells investors in a research note. However, the firm sees balanced risk/reward at current share levels.
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