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."

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Shares of ULTA Beauty closed at $540.10 yesterday.