Ulta Beauty price target raised to $505 from $435 at Oppenheimer

Oppenheimer raised the firm’s price target on Ulta Beauty (ULTA) to $505 from $435 and keeps an Outperform rating on the shares. Oppenheimer is looking “favorably” on Ulta’s better than expected Q3 earnings report, with comps returning to positive territory a few quarters earlier than anticipated and EPS that easily topped Street estimates, the analyst tells investors in a research note. Management also raised FY24 guidance, which represents a clear positive surprise, the firm says.