Loop Capital analyst Anthony Chukumba raised his price target on Ulta Beauty to $340 to reflect the findings of his latest prestige beauty product pricing study that suggests retailers "continue to largely adhere to manufacturer's suggested retail prices, with discounting still virtually non-existent." The analyst sees the pricing trends as a positive for Ulta Beauty given its "wider assortment of prestige and mass market brands" relative to the competition, along with its "robust" loyalty program and many cases of exclusive brand relationships. Chukumba adds that the decline in "free gift with purchase" offers suggests "strengthening prestige beauty products demand", but also keeps his Hold rating on the shares given Ulta Beauty's valuation.