ULTA Salon (ULTA) PT Raised to $375 at Cowen; 'Buy on Pullback'
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Cowen analyst Oliver Chen raised the price target on ULTA Salon (NASDAQ: ULTA) to $375.00 (from $300.00) while maintaining an Outperform rating, telling clients to buy on weakness.
The analyst commented, "4Q comp was stronger at -4.8% vs. Street's -11%, driving GM upside on merch margins growth, and store & labor cost leverage. EBIT margin at 11.6% solidly beat Street's 8.3%. Store traffic remains challenged but showing improvement; e-comm decelerated to +72% y/y (32% of sales) with BOPUS at 5% of sales (vs. 4% in 3Q)."
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