Stifel analyst Mark S. Astrachan reiterated the Hold rating on Ulta Beauty, Inc. (NASDAQ:ULTA), raising the forecast to $565 from $505.
Yesterday, Ulta Beauty reported fourth-quarter revenue that increased 10.2% year-over-year to $3.55 billion and beat the consensus estimate of $3.53 billion.
Category growth, promotional activity, and competition are the main watchpoints for the just-reported fourth quarter by Ulta, the analyst writes.
For 2024, Ulta anticipates U.S. beauty category growth to moderate to mid-single-digits, with comp growth suggesting the company will maintain its share.
Also Read: These Analysts Boost Their Forecasts On Ulta Beauty Following Q4 Results
According to Astrachan, this reflects some conservatism but also competitive dynamics, including ...
market Share Poise Spark Optimism, Analysts Elevate Forecasts Post-Q4 Triumph>Full story available on Benzinga.com