Ulta Beauty’s results solidify ‘worst is behind’ view, says Loop Capital

Loop Capital analyst Anthony Chukumba keeps a Buy rating and $480 price target on Ulta Beauty (ULTA) after its Q4 results and guidance. The quarter has further solidified the firm’s view that the “worst is behind” for the company from a competitive intrusion perspective, and while the U.S. macroeconomic environment is highly uncertain, many investors perceive beauty products to be a lot “more discretionary” than they truly are, the analyst tells investors in a research note. Loop adds it was “encouraged” by Ulta’s newly appointed CEO Kecia Steelman’s high sense of urgency.