Ulta Beauty price target raised to $480 from $450 at Loop Capital

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.