Morgan Stanley analyst Simeon Gutman upgraded Ulta Beauty (ULTA) to Overweight from Equal Weight with a price target of $500, up from $430. The beauty industry should continue above-average growth in 2025, the analyst tells investors in a research note. The firm believes Ulta’s share gains within beauty should improve in 2025 from its 2024 bottom, and says the company’s sales and margin expectations are reasonable for 2025. As such, it sees potential for earnings and valuation upside.
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