ULTA Salon (ULTA) PT Raised to $375 at Guggenheim

Guggenheim analyst Steven Forbes raised the price target on ULTA Salon (NASDAQ: ULTA) to $375.00 (from $350.00) while maintaining a Buy rating.

Forbes commented, After reviewing Euromonitor's 2019 Beauty and Personal Care report and market data, we have increased confidence in ULTA's ability to meet (or exceed) 2019/2020 consensus revenue estimates. In our view, the combination of more moderate market share expectations (especially within cosmetics) and above-trend secondary category growth—i.e., skin care and hair care (building on our proprietary survey work "Guggenheim 360")—should drive share price outperformance in 2019."

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