Oppenheimer raised the firm’s price target on Ulta Beauty (ULTA) to $515 from $505 and keeps an Outperform rating on the shares. The firm notes that on January 6 after the close, the company provided a positive update on the business and also announced that CEO Dave Kimbell is retiring, with current COO Kecia Steelman moving into the CEO role immediately. Oppenheimer is surprised with this announcement, especially with the business again picking up momentum, but looks very favorably upon this appointment. For Q4, the company now expects comps to increase and operating margins to be above the high-end of the prior range. Ulta remains a favorite rotation play for Oppenheimer in 2025, and this positive data point represents a step in the right direction for the bull case, the firm adds.
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Read More on ULTA:
- Ulta Beauty upgraded to Neutral from Sell at B. Riley
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