Goldman Sachs analyst Kate McShane downgraded Ulta Beauty to Neutral from Buy with a price target of $508, down from $511. The company’s market share gains from here are likely to be "more limited" and it faces difficult year-over-year compares following a strong 2022, McShane tells investors in a research note. In addition, Ulta’s margin risk "skews to the downside" given a high level of investing next year and its current valuation suggests limited upside, says the analyst.
Published first on TheFly
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