TD Cowen upgraded Ulta Beauty (ULTA) to Buy from Hold with a price target of $725, up from $600. The firm sees the new CEO and management team driving stronger merchandising, “disciplined” promotions and global growth. Ulta has positive long-term growth prospects with its 46M people loyalty program in the “resilient” beauty market, the analyst tells investors in a research note. TD believes the stock’s valuation offers upside.
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