Ulta’s (ULTA) market share is stabilizing based on recent data from Numerator and risk-reward is skewed to the upside, UBS tells investors in a research note, adding that the drag on Ulta’s sales from the Sephora rollout at Kohl’s (KSS) has likely peaked. Additionally, the firm, which has a Buy rating and $490 price target says tariffs should be very manageable for Ulta and the beauty category should hold up better than others during a downturn, based on its performance during prior downturns.
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