Analysts Bump Up This Beauty Retailer's Price Target After Q3 Beat

Several analysts raised their price targets on Ulta Beauty Inc ULTA after its Q3 results that beat Wall Street view and increased FY21 outlook.

• Jefferies analyst Stephanie Wissink raised the price target to $400 from $390, implying a 5.5% upside.
• The analyst raised her estimates following the company's quarterly report, stating that Ulta "delivered another stunning quarter" and that its momentum is "undeniable."
• However, Wissink kept a Hold rating on the shares as she believed the market is pricing in the known drivers.
• Credit Suisse analyst Oliver Chen raised the firm's price target to $455 from $415, suggesting a 20% upside, and kept an Outperform rating on the shares following the "big" Q3 beat.
• BMO Capital analyst Simeon Siegel raised the firm's price target on Ulta Beauty to $365 from $345, implying a 3.7% downside, but kept a Market Perform rating on the shares.
• Siegel added while Ulta Beauty "continues to shine," he awaited more visibility on its comp trajectory and believed that the positives are reflected in the current valuation.
• Evercore ISI analyst Omar Saad raised the firm's price target to $500 from $475 and kept an Outperform rating on the shares.
• While acknowledging Ulta is proving to be a key beneficiary of the reopening, Saad also noted that the company had "many innovative products and initiatives in the pipeline."
• Raymond James analyst Olivia Tong raised the price target to $485 from $460, implying a 28% upside, and reiterated an Outperform rating on the shares.
• The analyst expects continued strength to be driven by Ulta's "outsized" sales growth opportunities, which she says more than justifies a valuation multiple towards the upper end of retail peers.
• Stifel analyst Mark Astrachan raised the price target to $435 from $400, implying a 14.7% upside. Astrachan maintained a Hold rating given his near-term concerns on slowing company and category growth and fears of increased competition.
• JPMorgan analyst Christopher Horvers raised the firm's price target to $460 from $430 and kept an Overweight rating on the shares.
• Deutsche Bank analyst Krisztina Katai raised the firm's price target to $506 from $483, implying a 33.5% upside, and kept a Buy rating on the shares.
• Citi analyst Kelly Crago raised the firm's price target on Ulta Beauty to $430 from $375 and kept a Neutral rating on the shares.
• Piper Sandler analyst Erinn Murphy raised the price target to $475 from $433 and maintained an Overweight rating on the shares.
• Oppenheimer analyst Rupesh Parikh maintained Ulta Beauty with an Outperform and raised the price target to $470 from $450, suggesting a 24% upside.
• Price Action: ULTA shares are trading lower by 1.25% at $378.83 on the last check Friday.