Piper Sandler analyst Korinne Wolfmeyer raised the firm’s price target on Ulta Beauty (ULTA) to $425 from $394 and keeps a Neutral rating on the shares. The firm is more cautiously optimistic on Ulta beginning the year following the CEO change and guidance raise following the strong holiday season, the analyst tells investors in a research note. The firm believes incoming CEO, the former president and COO Kecia Steelman, will fill the role “nicely” and that the recent sales progress is “encouraging,” but that its nervous around competitive pressures and promotional activity are not yet fully relieved.
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