Investing
Ulta Beauty’s multiple growth opportunities boosts analysts’ confidence in the stock
© Reuters. Ulta Beauty’s (ULTA) multiple growth opportunities boosts analyst’s confidence in the stock
By Sam Boughedda
Raymond James analysts raised the firm’s price target on Ulta Beauty (NASDAQ:) to $615 from $600 per share, maintaining a Strong Buy rating on the stock in a note to clients on Thursday.
The firm hosted a meeting with Ulta CEO Dave Kimbell, CFO Scott Settersten, and IR team Kiley Rawlins and Mary Kate Boyce on Wednesday, with the management team highlighting continued growth opportunities and investments, according to the analysts.
“There was a high level of interest in meetings, which we attribute to ULTA’s multiple growth opportunities, strong retail execution, and ULTA’s first roadshow in New York since pre-pandemic,” the analysts wrote.
They revealed that Ulta management reiterated its long-term targets, and while they did not address performance since the end of F1Q, Raymond James analysts “came away with increased confidence that ULTA can continue to grow ahead of its targeted ranges.”
The firm raised its FY23 EPS estimate for Ulta to $25.60 compared to $25.35 prior, driven primarily by higher sales.
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