Oppenheimer analyst Rupesh Parik says he mapped Macy's (M) store closures to the nearest Ulta Beauty (ULTA) location and found "meaningful overlap," which suggests some potential market-share transfer. The analyst says Ulta remains a top pick for him and believes earnings growth will become an "even more important" contributor to share price appreciation this year. For Estee Lauder (EL), the Macy's challenges likely remain a continued headwind, Parik notes, adding that, nonetheless, he is encouraged by the company's more aggressive actions through M&A to capture growth in other channels. The analyst continues to prefer Ulta over Estee Lauder, and reiterates an Outperform rating and $300 price target on the former's shares.