Waldencast’s Milk Makeup expansion into Ulta a clear win, says Canaccord

Waldencast’s (WALD) Milk Makeup is expanding the brand into Ulta (ULTA), its first U.S. expansion since Sephora in 2016, Canaccord tells investors in a research note. The clean beauty cosmetics brand will roll out in more than 600 Ulta stores and also online, which Canaccord views as a clear win for both Ulta and Waldencast as Ulta adds another popular prestige brand to their assortment and Waldencast expands into the largest beauty specialty retailer in the U.S. Canaccord has a Buy rating and $6 price target on Waldencast shares.