These Analysts Revise Their Forecasts On Ulta Beauty After Q2 Results

Ulta Beauty, Inc. ULTA reported better-than-expected second-quarter earnings.

Ulta said second-quarter revenue increased 10.1% year-over-year to $2.53 billion, which beat the consensus estimate of $2.51 billion. The beauty retailer reported quarterly earnings of $6.02 per share, which beat analyst estimates of $5.85 per share.

Ulta raised its full-year 2023 revenue from a range of $11 billion to $11.1 billion to a new range of $11.05 billion to $11.15 billion. The retailer also raised its full-year adjusted earnings guidance from a range of $24.70 to $25.40 per share to a new range of $25.10 to $25.60 per share.

Ulta shares fell 3.4% to trade at $408.28 on Friday.

These analysts made changes to their price targets on Ulta Beauty following earnings announcement.

• Raymond James cut the price target on Ulta Beauty from $600 to $550. Raymond James analyst Olivia Tong maintained a Strong Buy rating.
• Deutsche Bank boosted the price target on Ulta Beauty from $570 to $571. Deutsche Bank analyst Krisztina Katai maintained a Buy rating.
• Wells Fargo increased the price target on Ulta Beauty from $350 to $375. Wells Fargo analyst Ike Boruchow maintained an Underweight rating.
• Baird slashed the price target on Ulta Beauty from $560 to $550. Baird analyst Mark Altschwager maintained an Outperform rating.

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