Baird analyst Mark Altschwager lowered the price target on ULTA Salon (NASDAQ: ULTA) to $485.00 (from $525.00) while maintaining a Outperform rating.

The analyst comments "Maintain Outperform rating. We’re anticipating FQ2 results near consensus as mixed demand (and higher promos) through the quarter appear consistent with consensus figures. Choppy demand indicators and more aggressive promotions are understandably weighing on sentiment, and we are reducing our 2H24 estimates (F2024 at the low end of management's guidance range) to reflect reduced confidence in comp acceleration. With valuation well below recent norms (~14x NTM P/E vs. ~18x 2-year average), we continue to see good risk/reward for a high-quality name, but patience may be required. New $485 price target."