Ulta Beauty upgraded to Buy at Argus following another earnings beat

As previously reported, Argus upgraded Ulta Beauty (ULTA) to Buy from Hold with a $570 price target Last month the company reported its fourth consecutive earnings beat, though shares have underperformed the S&P 500 and the industry ETF IYC over the past quarter, the analyst tells investors in a research note. Ulta’s recent acquisition of Space NK also enables the company to enter one of the largest beauty markets, and while there have been concerns regarding consumer spending, Ulta’s customers continue to prove they are “committed to their beauty regimens”, the firm added.