Ulta Beauty, Inc. (NASDAQ: ULTA) reported better-than-expected second-quarter earnings.
Ulta said second-quarter revenue increased 10.1% year-over-year to $2.53 billion, which beat the consensus estimate of $2.51 billion. The beauty retailer reported quarterly earnings of $6.02 per share, which beat analyst estimates of $5.85 per share.
Ulta raised its full-year 2023 revenue from a range of $11 billion to $11.1 billion to a new range of $11.05 billion to $11.15 billion. The retailer also raised its full-year adjusted earnings guidance from a range of $24.70 to $25.40 per share to a new range of $25.10 to $25.60 per share.
Ulta shares fell 3.4% to trade at $408.28 on Friday.
These analysts made changes to their price targets on Ulta Beauty following earnings announcement.
Raymond James cut the price target on Ulta Beauty from $600 to $550. Raymond James analyst Olivia Tong maintained a Strong Buy rating.
Deutsche Bank boosted the price target on Ulta Beauty from $570 to $571. Deutsche Bank analyst Krisztina Katai maintained a Buy rating.
Wells Fargo increased the price target on Ulta Beauty from $350 to $375. Wells Fargo analyst Ike Boruchow maintained an Underweight rating.
Baird slashed the price target on Ulta Beauty from $560 to $550. Baird analyst Mark Altschwager maintained an Outperform rating.