Telsey Advisory Group Forecasts Strong Price Appreciation for Ulta Beauty (NASDAQ:ULTA) Stock

Key Points

• Telsey Advisory Group has raised its price target for Ulta Beauty from $520.00 to $590.00, indicating an anticipated upside of 11.43% from the current stock price.
• Multiple analysts, including **JPMorgan Chase** and **Citigroup**, have increased their price targets on Ulta Beauty, reflecting a positive outlook with many ratings leaning towards "outperform" or "overweight".
• Ulta Beauty recently reported a quarterly earnings of $6.70 per share, surpassing analyst expectations and representing a 4.5% increase in revenue compared to the same quarter last year.

Ulta Beauty (NASDAQ:ULTA - Get Free Report) had its price objective lifted by research analysts at Telsey Advisory Group from $520.00 to $590.00 in a research note issued on Monday, Marketbeat Ratings reports. The firm currently has an "outperform" rating on the specialty retailer's stock. Telsey Advisory Group's price objective suggests a potential upside of 11.43% from the stock's current price.

A number of other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Ulta Beauty from $525.00 to $600.00 and gave the company an "overweight" rating in a research report on Friday. Citigroup raised their price objective on Ulta Beauty from $450.00 to $550.00 and gave the company a "neutral" rating in a research report on Monday, August 18th. Robert W. Baird raised their price objective on Ulta Beauty from $440.00 to $525.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Barclays raised Ulta Beauty from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $518.00 to $589.00 in a research report on Friday. Finally, Truist Financial raised their price objective on Ulta Beauty from $364.00 to $386.00 and gave the company a "neutral" rating in a research report on Thursday, May 15th. Thirteen research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $495.35.

Ulta Beauty Price Performance

Shares of ULTA stock opened at $529.50 on Monday. Ulta Beauty has a 1-year low of $309.01 and a 1-year high of $534.10. The stock's 50-day moving average is $494.13 and its 200 day moving average is $422.37. The company has a market cap of $23.80 billion, a P/E ratio of 20.68, a PEG ratio of 3.19 and a beta of 1.12.

Ulta Beauty (NASDAQ:ULTA - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The specialty retailer reported $6.70 earnings per share for the quarter, beating analysts' consensus estimates of $5.73 by $0.97. Ulta Beauty had a return on equity of 49.73% and a net margin of 10.45%.The company had revenue of $2.85 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter last year, the company earned $6.47 earnings per share. The firm's revenue for the quarter was up 4.5% compared to the same quarter last year. Ulta Beauty has set its FY 2025 guidance at 22.650-23.200 EPS. On average, analysts anticipate that Ulta Beauty will post 23.96 EPS for the current year.

Institutional Investors Weigh In On Ulta Beauty

A number of large investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of Ulta Beauty by 128.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,225,023 shares of the specialty retailer's stock worth $449,021,000 after purchasing an additional 688,267 shares during the period. Norges Bank acquired a new stake in shares of Ulta Beauty during the second quarter worth about $258,791,000. GAMMA Investing LLC lifted its holdings in shares of Ulta Beauty by 38,770.6% during the first quarter. GAMMA Investing LLC now owns 443,513 shares of the specialty retailer's stock worth $162,565,000 after purchasing an additional 442,372 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Ulta Beauty by 81.7% during the first quarter. JPMorgan Chase & Co. now owns 913,600 shares of the specialty retailer's stock worth $334,871,000 after purchasing an additional 410,900 shares during the period. Finally, T. Rowe Price Investment Management Inc. lifted its holdings in shares of Ulta Beauty by 64.8% during the first quarter. T. Rowe Price Investment Management Inc. now owns 931,557 shares of the specialty retailer's stock worth $341,453,000 after purchasing an additional 366,147 shares during the period. Hedge funds and other institutional investors own 90.39% of the company's stock.

Ulta Beauty Company Profile

Ulta Beauty, Inc operates as a specialty beauty retailer in the United States. The company offers branded and private label beauty products, including cosmetics, fragrance, haircare, skincare, bath and body products, professional hair products, and salon styling tools through its Ulta Beauty stores, shop-in-shops, Ulta.com website, and its mobile applications.

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