ULTA Salon (ULTA) PT Lowered to $605 at Goldman Sachs

Goldman Sachs analyst Kate McShane lowered the price target on ULTA Salon (NASDAQ: ULTA) to $605.00 (from $607.00) while maintaining a Neutral rating.

The analyst comments "ULTA is facing several years of difficult top line compares across its major categories, with the company calling out unprecedented growth in the beauty category over the last three years. In particular, as shown in Exhibit 4, the skin care and fragrance & bath categories are up against over three years of positive comps, while comp trends in makeup and haircare turned negative during FY23. In the most recent quarter, skin care was the fastest-growing category with +DD comp growth, while the fragrance & bath category was up +LDD and hair care came in down -MSD. The makeup category was down -LSD, with softness in prestige cosmetics partially offset by growth in mass makeup."

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