Citi analyst Kelly Crago lowered the firm’s price target on Ulta Beauty (ULTA) to $365 from $405 and keeps a Neutral rating on the shares. Ulta’s Q4 was “solid,” with comps and gross margin that were better than consensus, and management issued “conservative” guidance for fiscal 2025, driven by slightly weaker sales and higher SG&A vs. consensus, the analyst tells investors in a research note. Ulta is well-positioned in the relatively defensive beauty category, and its tariff exposure is low, but the firm sees a balanced risk/reward at current levels.
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