Stifel analyst Mark Astrachan raised the firm’s price target on Ulta Beauty (ULTA) to $475 from $455 and keeps a Hold rating on the shares. The firm lifted FY24-FY26 EPS estimates reflecting the company’s positive Q4 trading update that was issued along with its announcement that president and COO Kecia Steelman will succeed Dave Kimball as CEO, effective immediately. On the CEO transition, the firm views the “timing as more of a surprise than the appointment” of Steelman, which was largely expected, the analyst tells investors.
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