ULTA Beauty (ULTA) PT Raised to $667 at Goldman Sachs

Goldman Sachs analyst Kate McShane raised the price target on ULTA Beauty (NASDAQ: ULTA) to $667.00 (from $648.00) while maintaining a Buy rating.

The analyst comments "Following Ulta's 2Q earnings beat, the stock was trading down ~3% in the after market. Ulta delivered a solid 2Q performance led by SSS of +3.8%, above consensus at +2.3%, with ongoing share gains in prestige beauty. The company also raised FY26 guidance on both the top and bottom line. Heading into 2Q, we continued to field investor concerns around a heightened competitive environment in beauty. In our view, investors may be concerned that Ulta (and the overall industry) was more promotional y/y in 2Q, and the company's 2H guidance implies a sequential deceleration on the top line. That said, while the beauty space is highly competitive, we believe Ulta is well positioned to continue gaining share, and company guidance could prove conservative for the year. In 2H26, we continue to believe ULTA’s comp growth is being fueled by a healthy cosmetics category and strong company execution, with the company’s investment in marketing, labor, and service, resulting in market share gains. We reiterate our Buy rating on ULTA with an updated price target of $667."

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