Ulta Beauty price target raised to $457 from $450 at Citi

Citi raised the firm’s price target on Ulta Beauty (ULTA) to $457 from $450 and keeps a Neutral rating on the shares. After four years leading the company, Ulta announced CEO Dave Kimbell is retiring and will be replaced by current COO Kecia Steelman, effective immediately, the analyst tells investors in a research note. The firm says that while the transition was unexpected, Steelman is “the right person for the job.” Ulta also updated Q4 guidance, expecting comps up modestly, versus the consensus of down 1.2%, and EBIT margin above the previous range, suggesting it was not more promotional to achieve positive comps, contends Citi. The firm sees the company’s competitive pressures abating, leaving it feeling more upbeat on fiscal 2025.