Stifel analyst Mark Astrachan noted that Ulta Beauty reported "better than feared" Q3 results, but he also said the company gave what he views as "directionally cautious commentary" on FY20, calling out expectations for category weakness in makeup to continue and stating that it will make "thoughtful choices" regarding investments. Ulta also highlighted that it anticipates a more promotional beauty category this holiday, noted Astrachan, who sees heightened uncertainty about category growth and competition to keep shares range-bound after what may be a "relief rally." He keeps a Hold rating on Ulta, but raised his price target on the shares to $230 from $215.