ULTA Salon (ULTA) PT Lowered to $500 at Oppenheimer, 'unclear whether the deeper moderation lately is a blip or something more'

Oppenheimer analyst Rupesh Parikh lowered the price target on ULTA Salon (NASDAQ: ULTA) to $500.00 (from $600.00) while maintaining a Outperform rating.

The analyst commented: "Following our call with the company and downbeat commentary on the beauty category from ULTA management at a competitor conference yesterday, we spent time revisiting our model and upside case. At this point, we are unclear whether the deeper moderation lately is a blip or something more. As a result, we are taking a more conservative stance for the balance of the year on the category and competitive backdrop. For FY24, we are now moving to $26.05 vs. our prior estimate of $26.45 and guidance of $26.20-27.00. We are removing ULTA as a top pick amid near-term category uncertainty and an increasingly competitive beauty backdrop. Our updated PT is $500, down from $600 previously."

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