Ulta Beauty price target raised to $600 from $525 at JPMorgan

JPMorgan raised the firm’s price target on Ulta Beauty (ULTA) to $600 from $525 and keeps an Overweight rating on the shares ahead of the Q2 report on August 28. The firm upped its Q2 comp estimate to positive 4.8% versus the Street’s 2.5%, citing its channel and data work. The analyst also increased Ulta’s earnings estimates to reflect cost leverage and lower promotions.