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Guggenheim Downgrades ULTA Salon (ULTA) to Neutral

March 16, 2021 6:10 AM EDT

Guggenheim analyst Steven Forbes downgraded ULTA Salon (NASDAQ: ULTA) from Buy to Neutral.

The analyst comments "Although ULTA's 4Q 2020 operating results were solid and above our expectations, management's initial 2021 guidance (Exhibit 2) implies a ~320 basis point EBIT margin "reset" relative to 2019 (9.00% vs. ~12.20%). Importantly, despite... More