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.
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