Ulta Beauty price target raised to $525 from $510 at Piper Sandler

Piper Sandler analyst Korinne Wolfmeyer raised the firm’s price target on Ulta Beauty to $525 from $510 and keeps an Overweight rating on the shares. The analyst remains a buyer of Ulta ahead of its fiscal Q3 earnings report on Thursday. The analyst is "comfortable" that management should be able to deliver sales growth that’s in line or even ahead of the Street’s current projection of 10.6% year-over-year. Ulta continues to be well positioned to capture share from beauty retail peers as department stores start to cut back and pressured consumers seek out lower cost alternatives from their retailers, Wolfmeyer tells investors in a research note.