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In a report published Tuesday, Sterne Agee analyst Ike Boruchow reiterated a Buy rating on
Ulta Salon, Cosmetics & Fragrance</strong) ULTA, and raised the price target from $100.00 to $104.00.
In the report, Sterne Agee noted, “We hosted meetings at ULTA HQ with senior management. Following some uncertainty to start the year, confidence appears to be building with 1) a reiteration of a mid-teens EBIT margin goal over the next 2-3 years, 2) improved visibility into GM drivers, 3) inventory levels that are much improved from Q4 and 4) new leadership potentially coming onboard in the near future. Margins/inventory were the themes of the day, and management did a notable job of walking investors through the puts and takes.”
Ulta Salon, Cosmetics & Fragrance closed on Monday at $96.02.© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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