Ulta Beauty price target raised to $480 from $450 at TD Cowen

TD Cowen analyst Oliver Chen raised the firm’s price target on Ulta Beauty (ULTA) to $480 from $450 and keeps a Hold rating on the shares. The company announced its CEO Dave Kimball will retire its raised guidance is encouraging for the prospects of positive comps, the analyst tells investors in a research note. However, the firm says Ulta’s valuation has run and its competitive pressures remain.