DA Davidson raised the firm’s price target on Ulta Beauty (ULTA) to $585 from $550 and keeps a Buy rating on the shares. The firm is increasing its Q2 comp estimate to 3.5% from 1.5%, which now looks well ahead of the consensus of 1.1%, the analyst tells investors in a research note. Data points supporting this outlook include weekly point-of-sales data, vendor read throughs, competitor reads (Sephora), and accelerating “back to office” trends, the analyst tells investors in a research note.
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