Loop Capital analyst Anthony Chukumba raised his price target on Ulta Beauty to $280 after his study findings revealed that the company's pricing gap relative to other retailers has narrowed while its discounting has remained "non-existent". Given Ulta Beauty's "wider assortment" than the competition and a "robust" customer loyalty program, he sees these trends as positive for the stock. The analyst keeps his Hold rating on Ulta Beauty however, saying that its discount valuation is still appropriate given the "slowing comparable sales and square footage growth".

Wells Fargo lowered the firm's price target on Ulta Beauty to $350 from $450 and keeps an Underweight rating on the shares. The category is slowing faster than anticipated as the competitive backdrop has become more challenging, the firm says. Margins will likely continue to erode as the need to invest accelerates, Wells adds.