In a report released today, Christopher Horvers from J.P. Morgan maintained a Buy rating on Ulta Beauty (ULTA – Research Report), with a price target of $480.00.
Christopher Horvers has given his Buy rating due to a combination of factors that highlight Ulta Beauty’s strong market position and growth potential. The company is expected to benefit from its unique combination of mass and prestige products, which positions it well for market share gains. This strategic advantage is further bolstered by Ulta’s comprehensive loyalty program, providing valuable consumer insights that are unmatched by other brands.
Horvers also anticipates that Ulta Beauty will see a return to long-term category growth trends, with improved margins and earnings growth contributing to potential multiple expansion. The company’s diverse product offerings, including a leading hair care assortment, and its position as the only national beauty retailer offering both prestige and mass products, further solidify its market leadership. Additionally, the analyst maintains a $480 price target, based on a valuation that aligns with market multiples, suggesting confidence in Ulta’s continued performance and potential for valuation above normal market levels.
In another report released on March 7, Morgan Stanley also maintained a Buy rating on the stock with a $500.00 price target.
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