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Fly News Breaks for May 31, 2019
ULTA
May 31, 2019 | 07:35 EDT
Oppenheimer analyst Rupesh Parikh lowered his price target for Ulta Beauty to $370 from $400 while maintaining an Outperform rating following the company's Q1 results, saying he overall looks "favorable" on the report. In a research note to investors, Parikh says he would take advantage of Ulta trading in the sub-$320 level after market. Ulta's efforts continue to drive meaningful share gains lately and have required less gross margin investment suggesting a much healthier level of growth, but says he lowered his price target given a more difficult beauty backdrop and retail re-rating lately.
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