ULTA - This Market-Beating Stock Is at Its Cheapest Level in Years: Should You Buy Today?
2024-05-27 09:00:00 ET
It used to be smooth sailing for Ulta Beauty (NASDAQ: ULTA) shareholders. The retailer, focused on the beauty market, has beaten the market since going public close to 20 years ago. It's now up 1,190% compared to the S&P 500 's 381% total return.
Unfortunately, this year has not been so kind. Ulta's stock is down 22% year to date even though the S&P 500 is up 12% and pushing through to all-time highs on the back of the artificial intelligence boom. Investors are worried about slowing growth at the brand's retail locations, and the stock now trades at its cheapest earnings multiple in years.
What happened to Ulta Beauty stock, and is it a buy at this discounted price? Let's look closer and find out.
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This Market-Beating Stock Is at Its Cheapest Level in Years: Should You Buy Today?