UPDATE: Oppenheimer Downgrades Ulta Salon, Cosmetics & Fragrance to Perform on Shifting Consumer Landscape

Oppenheimer downgraded Ulta Salon, Cosmetics & Fragrance ULTA from Neutral to Outperform. Oppenheimer analyst Joseph Altobello commented, "Despite better than expected 4Q results, we are downgrading the shares of Ulta to Perform from Outperform and removing our prior DCF-derived $105 target price. Our rating revision is due to what management referred to as a "choppy" and more valuefocused consumer which, along with growth investments, is likely to weigh on both near-term comp growth and margin expansion. Thus, we believe investors are better served moving to the sidelines rather than catching a falling knife." Ulta Salon, Cosmetics & Fragrance closed at $88.37 on Wednesday.