Ulta Beauty Shares Dip Amid Analyst Downgrades And Lowered Price Targets
Portfolio Pulse from Vaishali Prayag
Ulta Beauty shares fell 5.3% due to analyst downgrades and lowered price targets. Piper Sandler downgraded Ulta from Overweight to Neutral, reducing the price target from $494 to $404. Wells Fargo maintained an Underweight rating, lowering the price target from $350 to $325. Ulta faces competitive challenges from Sephora and Amazon, slowing loyalty membership, and weakening customer engagement.
July 24, 2024 | 7:39 pm
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Ulta Beauty shares fell 5.3% due to downgrades from Piper Sandler and Wells Fargo, citing competitive pressures from Sephora and Amazon, and slowing loyalty membership.
The downgrades and lowered price targets from Piper Sandler and Wells Fargo are significant negative signals for Ulta Beauty. The competitive pressures from Sephora and Amazon, along with slowing loyalty membership and customer engagement, are likely to weigh on the stock in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100