Wells Fargo analyst Ike Boruchow raised the firm’s price target on Ulta Beauty (ULTA) to $370 from $350 and keeps an Underweight rating on the shares. The company kicked off holiday pre-announcements with better Q4 results, while surprisingly also announcing a CEO change, the analyst tells investors in a research note. The firm added that while Ulta is the first pre-upside top plan, it likely won’t be the last, as Wells expects more bullish updates in retail into next week.
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