BofA raised the firm’s price target on Ulta Beauty (ULTA) to $685 from $610 and keeps a Neutral rating on the shares. After having toured Ulta’s new Manhattan location with Amiee Bayer-Thomas, Chief Retail Officer, the firm walked away with a better sense of how Ulta executes its flywheel, the analyst tells investors. However, while the firm remains confident about strong revenue growth, it thinks continued investments are needed to combat competitive threats, the analyst added.
Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ULTA:
- Ulta Beauty: Strong Commercial Engine and Loyal Customer Base Offset by Ongoing Investment Needs, Supporting a Neutral (Hold) Rating
- Ulta Beauty management to meet with Oppenheimer
- Ulta Beauty price target raised to $780 from $690 at UBS
- Ulta Beauty price target raised to $680 from $647 at Barclays
- Ulta Beauty price target raised to $700 from $650 at Argus