Ulta Beauty price target raised to $455 from $395 at Stifel

Stifel raised the firm’s price target on Ulta Beauty (ULTA) to $455 from $395 and keeps a Hold rating on the shares. Following better-than-expected Q3 results with comp and EBIT above consensus, the firm lifted its FY24-FY26 EPS estimates. The firm, which anticipates consensus EPS estimates will increase in the low single-digits and also views implied Q4 guidance for both comp and EPS as “conservative,” keeps a Hold rating but notes that it continues to “see more upside than downside for ULTA shares.”