ULTA Salon (ULTA) PT Lowered to $300 at Guggenheim, Sees Compelling Entry Point

Guggenheim analyst Steven Forbes lowered the price target on ULTA Salon (NASDAQ: ULTA) to $300.00 (from $325.00) while maintaining a Buy rating.

The analyst comments " We hosted a series of meetings in Boston last week with Kiley Rawlins, VP of Investor Relations. Importantly, although growth within the beauty & personal care industry is being dampened by the lack of innovation within cosmetics—ULTA's largest (51% of sales) and second highest GM category—we continue to view ULTA as a double-digit EPS grower. When combined with ULTA's unique ability to capitalize on its vendor relationships— inclusive of sharing aspects of its data—and more moderate out-year expectations, we believe the recent pullback (down ~30% from the 2Q 2019 print on 8/29 vs. the S&P 500 up ~3%) has created an especially compelling entry point."

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