Behold a Top Pick: Ulta Beauty, Inc.
- February 19, 2021
An Improving Makeup Backdrop on the Horizon Supports the Ulta Beauty Bull Case
Ulta Beauty, Inc. shares are currently exceeding our prior $305 price target, so Oppenheimer analysts spent time updating their views. Based on their findings, analysts are lifting their price target to $360 and maintaining Ulta Beauty, Inc. as a top pick.
Our analysts continue to see an attractive case for outperformance and are optimistic about a gradually improving makeup backdrop as more US consumers get vaccinated and mask requirements eventually go away.
For the print specifically, Oppenheimer analysts believe results top Street expectations, but management could introduce Q1 forecasts below consensus to the extent they guide similarly to Estee Lauder Companies. Ulta Beauty, Inc. shares can be quite volatile on the print, so we would take advantage of any dislocations. The beauty portion of our coverage remains our favorite place to start the year (Estee Lauder Companies, Sally Beauty Holdings, and Ulta Beauty, Inc.).
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