Ulta Beauty: Jefferies maintains buy rating, raises TP

(CercleFinance.com) - Jefferies reinstates its "buy" rating on Ulta Beauty shares, while raising its target price for them to 485 dollars (from 475 dollars) after the beauty retailer raised its FY forecasts alongside its quarterly earnings release.


"Q2 results reinforced several core tenants of our thesis," the broker says, noting that beauty is resisting better than other product categories, and that Ulta is gaining market share.

"GM% expansion & tight inventory does exist in retail," Jefferies adds, noting that management's guidance "will remain prudently conservative".



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