Piper Jaffray analyst Erinn Murphy raised her price target for Ulta Beauty to $378 from $362 following quarter-to-date channel checks and a deeper dive into Piper's teen survey data. The survey had Ulta moving to the number one spot as a preferred beauty destination, unseating Sephora for the first time, Murphy tells investors in a research note. Further, channel checks show continued newness in stores, says the analyst. She also recently noticed CBD products carried at physical Ulta locations. Murphy raised her Q1 comp estimate from 6.5% to 7.5% and earnings per share estimate from $3.00 to $3.07, a penny ahead of consensus. She keeps an Overweight rating on Ulta Beauty.

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.