Guggenheim analyst Steven Forbes raised his price target for Ulta Beauty to $375 from $350 and reiterates a Buy rating on the shares. After reviewing Euromonitor's 2019 Beauty and Personal Care report and market data, the analyst has increased confidence in Ulta's ability to meet or exceed consensus revenue estimates through 2020. Moderated market share expectations, especially within cosmetics, coupled with above-trend growth in skin care and hair care, should drive share price outperformance for Ulta Beauty in 2019, Forbes tells investors in a research note.

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.