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These Analysts Boost Their Forecasts On Ulta Beauty Following Q4 Results

Published 15/03/2024, 12:10
Updated 15/03/2024, 13:40
© Reuters. These Analysts Boost Their Forecasts On Ulta Beauty Following Q4 Results

Benzinga - by Avi Kapoor, Benzinga Staff Writer.

Ulta Beauty Inc (NASDAQ: ULTA) reported upbeat earnings for its fourth quarter on Thursday.

Ulta Beauty said fourth-quarter revenue increased 10.2% year-over-year to $3.55 billion, which beat the consensus estimate of $3.53 billion. The specialty beauty retailer reported quarterly earnings of $8.08 per share, which beat analyst estimates of 7.53 per share, according to Benzinga Pro.

“We closed out a strong 2023 with better-than-expected fourth quarter financial performance. Our compelling holiday plans and thoughtfully curated assortment resonated with our guests and delivered healthy traffic, record brand awareness, and strong member growth,” said Dave Kimbell, CEO of Ulta Beauty. “We enter 2024 well-positioned to drive strong top and bottom-line growth, build on our foundational capabilities, and unlock further advantages of our differentiated model.”

Ulta Beauty expects fiscal year 2024 revenue to be between $11.7 billion and $11.8 billion versus estimates of $11.14 billion, according to Benzinga Pro. The company sees fiscal year 2024 earnings in the range of $26.20 to $27 per share versus estimates of $25.49 per share.

Ulta Beauty shares fell 6.7% to $527.40 in pre-market trading.

These analysts made changes to their price targets on Ulta Beauty following earnings announcement.

  • Barclays raised the price target on Ulta Beauty from $583 to $612. Barclays analyst Adrienne Yih maintained an Overweight rating.
  • Baird boosted the price target on Ulta Beauty from $575 to $625. Baird analyst Mark Altschwager maintained an Outperform rating.
  • Piper Sandler increased the price target on Ulta Beauty from $635 to $665. Piper Sandler analyst Korinne Wolfmeyer maintained an Overweight rating.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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