Ulta Beauty price target raised to $490 from $465 at Evercore ISI

Evercore ISI raised the firm’s price target on Ulta Beauty (ULTA) to $490 from $465 and keeps an Outperform rating on the shares. Ulta’s same-store sales grew by 2.9%, surpassing expectations, which suggests that Ulta’s market share gain thesis is “unfolding as anticipated” and the market share story is “making a strong pivot with a notable F1Q25 beat,” the analyst tells investors.