Ulta Beauty price target raised to $615 from $610 at Piper Sandler

Piper Sandler analyst Korinne Wolfmeyer raised the firm’s price target on Ulta Beauty to $615 from $610 and keeps an Overweight rating on the shares. The analyst reiterated e.l.f. Beauty (ELF) as a top idea and are also moved Coty (COTY) to a top idea following a round of beauty store checks in Chicago and recent positive company updates from Coty. The firm also tightening up its models and price targets for a number of covered beauty names. In short, Piper continues to favor names with healthy growth and margins, brand momentum, and exposure to secular tailwinds, and views both Coty and e.l.f. as best positioned.