Ulta Beauty price target raised to $510 from $480 at Loop Capital

Loop Capital raised the firm’s price target on Ulta Beauty (ULTA) to $510 from $480 and keeps a Buy rating on the shares. According to the firm’s beauty products pricing study comparing Ulta Beauty’s prices with those of several brick-and-mortar retailers, its prices are 0.5% more expensive than its competitors on average, which narrowed from 11.6% in December when Macy’s and Nordstrom were holding beauty department-wide promotions, the analyst tells investors in a research note. Loop adds it is also encouraged by the marked recent rise in consumer confidence, particularly given its belief beauty products are far less “discretionary” than many investors realize.