Piper Sandler raised the firm’s price target on Ulta Beauty (ULTA) to $775 from $615 and keeps an Overweight rating on the shares. With a solid Holiday and square-footage growth accelerating, the firm estimates Space NK sales will be up high 20’s in 2026, which along with strength at core, should yield upside to sellside estimates. For Q4 2025, Piper models 5% comparable store sales, ahead of guidance for 2.5%-3.5%. The firm cites momentum in the business and the category for the price target increase.
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