JPMorgan Reiterates Overweight Rating on ULTA Beauty (ULTA), Says Bear Thesis 'Looking Thin'

JPMorgan analyst Christopher Horvers reiterated an Overweight rating and $631.00 price target on ULTA Beauty (NASDAQ: ULTA).

The analyst commented, "The bears’ share/competitive dynamic thesis is looking quite thin; market share gains accelerate with strong margin management and capital returns. Recall that our Circana (which includes AMZN) and Nielsen laterals indicated a ~300-bp sequential deceleration in the market growth rate from 1Q to 2Q, but ULTA's share gains in prestige (broadly) and fragrance drove only a 150-bp moderation in SSS to +3.8% (with all months positive and our math pointing to ~5% SSS in the backhalf of the quarter) as ULTA effectively leaned into newness, omnichannel/loyalty engagement, and planned promotional effectiveness to drive sales."

For an analyst ratings summary and ratings history on ULTA Beauty click here. For more ratings news on ULTA Beauty click here.

Shares of ULTA Beauty closed at $540.10 yesterday.

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