Ulta Beauty Inc

ULTA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$916.00	Xkrmhs	Vblzvztyx

Ulta Beauty Earnings: Looking Good Heading Into the Holiday Season; Shares Expensive

David Swartz

Dec 1, 2023

Overcoming a challenging retail environment, Ulta Beauty basically maintained its 2023 guidance after reporting third-quarter results that beat our estimates. Investors cheered the report and outlook, sending its shares up 12% during postmarket trading on Nov. 30. We expect to lift our $378 fair value estimate by a low-single-digit percentage given the retailer’s momentum, but would suggest that investors wait for a more attractive entry point.

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