Ulta Beauty price target lowered to $475 from $500 at Oppenheimer

Oppenheimer analyst Rupesh Parikh lowered the firm’s price target on Ulta Beauty to $475 from $500 and keeps an Outperform rating on the shares ahead of quarterly results. Following very cautious commentary at a competitor conference in early April on both category and competitive headwinds, the firm expects management to lower full-year guidance. This is very much expected in Oppenheimer’s investor conversations, it adds.