Loop Capital analyst Anthony Chukumba raised the firm’s price target on Ulta Beauty (ULTA) to $480 from $450 and keeps a Buy rating on the shares. The company’s Q3 results were “highly encouraging”, including a return to positive comparable sales growth, better-than-expected profit margins, and a sizable earnings beat, the analyst tells investors in a research note. Loop adds that the management also raised its FY24 guidance after lowering its forecasts last quarter, with the “beat and raise” quarter likely indicating that the “worst is behind” the company from a competitive intrusion perspective.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ULTA:
- Ulta Beauty’s (ULTA) Strong Results Prompt a Wave of Analyst Praise
- HP Enterprise, Ulta Beauty report quarterly beats: Morning Buzz
- Early notable gainers among liquid option names on December 6th
- Ulta Beauty price target raised to $420 from $385 at BMO Capital
- Morning Movers: Lululemon, Ulta jump following quarterly reports