Loop Capital analyst Anthony Chukumba lowered his price target on Ulta Beauty to $265 and kept his Hold rating to reflect the "weakening sentiment in the retail industry". The analyst points to his pre-holiday beauty products pricing survey as a positive however, saying that most retailers "continue to largely adhere to manufacturer's suggested retail prices, with discounting still non-existent." Chukumba adds that Ulta Beauty's current valuation of 20-times his expected forward earnings is a discount relative to its historical average, justifiable by the company's "slowing comparable sales and square footage growth."