Piper Jaffray analyst Erinn Murphy attributes the weakness today in shares of Ulta Beauty (ULTA) to a WWD article speaking to the potential that Amazon (AMZN) could start to work with Violet Grey in the beauty space. The analyst notes that Violet Grey's strategy is to focus on the super high-end/ luxury beauty products. "We would find it very surprising that these vendors behind the site would want to partner with AMZN at this point," the analyst writes. She does not see near-term risk of Amazon disrupting the beauty category at this time. The analyst has an Overweight rating on Ulta with a $330 price target.

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