Ulta Beauty's Financial Performance: Ulta Beauty raised its full-year sales forecast to between $12 billion and $12.1 billion, with a projected earnings per share increase to $23.85-$24.30, following strong growth in all major categories.
Sales Growth and Competition: The company reported a 6.7% year-over-year increase in comparable sales for the second quarter, driven by increased customer visits and spending, amidst growing competition from other beauty retailers.
International Expansion and Acquisitions: Ulta has acquired British beauty retailer Space NK to enter new international markets and plans to open stores in Mexico City, Kuwait City, and Dubai later this year.
Strategic Changes and Leadership: The company is launching a third-party marketplace while ending its partnership with Target, and is currently searching for a new CFO after the departure of its former CFO in June.
Wall Street analysts forecast ULTA stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for ULTA is 647.83 USD with a low forecast of 450.00 USD and a high forecast of 780.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
22 Analyst Rating
Wall Street analysts forecast ULTA stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for ULTA is 647.83 USD with a low forecast of 450.00 USD and a high forecast of 780.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
15 Buy
6 Hold
1 Sell
Moderate Buy
Current: 681.640
Low
450.00
Averages
647.83
High
780.00
Current: 681.640
Low
450.00
Averages
647.83
High
780.00
TD Cowen
Buy
maintain
$725 -> $775
2026-01-21
New
Reason
TD Cowen
Price Target
$725 -> $775
AI Analysis
2026-01-21
New
maintain
Buy
Reason
TD Cowen raised the firm's price target on Ulta Beauty to $775 from $725 and keeps a Buy rating on the shares. The firm adjusted targets in the beauty space as part of a Q4 preview. TD sees the most upside potential at Estee Lauder on improving China trends and sustained U.S. momentum. Beauty trends appear solid, which should drive revenue upside for all companies, the analyst tells investors in a research note.
Raymond James
Outperform -> Strong Buy
upgrade
$605 -> $790
2026-01-21
New
Reason
Raymond James
Price Target
$605 -> $790
2026-01-21
New
upgrade
Outperform -> Strong Buy
Reason
Raymond James upgraded Ulta Beauty to Strong Buy from Outperform with a price target of $790, up from $605. The firm sees "outsized growth" in fiscal 2026 for the company after a period of heavy investments. Ulta will compound "steadily in a faster-growth category," the analyst tells investors in a research note. Raymond James says the company has multiple initiatives to drive faster growth.
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Oppenheimer
Outperform
upgrade
$675 -> $750
2026-01-20
New
Reason
Oppenheimer
Price Target
$675 -> $750
2026-01-20
New
upgrade
Outperform
Reason
Oppenheimer raised the firm's price target on Ulta Beauty to $750 from $675 and keeps an Outperform rating on the shares. Based on its work, the firm is lifting its price target primarily reflecting the recent re-rating in discretionary names and its increased confidence in Ulta's FY26 newness pipeline with the upcoming Rare Beauty launch. In addition to newness, Oppenheimer continues to see a plethora of drivers to sustain top-line momentum from merchandising efforts to digital initiatives. The firm also remains very bullish on CEO Kecia Steelman's leadership and believes the fruits of her team's efforts are likely to continue to build. Ulta remains a top pick for Oppenheimer.
BofA
Neutral
maintain
$610 -> $685
2026-01-08
Reason
BofA
Price Target
$610 -> $685
2026-01-08
maintain
Neutral
Reason
BofA raised the firm's price target on Ulta Beauty to $685 from $610 and keeps a Neutral rating on the shares. After having toured Ulta's new Manhattan location with Amiee Bayer-Thomas, Chief Retail Officer, the firm walked away with a better sense of how Ulta executes its flywheel, the analyst tells investors. However, while the firm remains confident about strong revenue growth, it thinks continued investments are needed to combat competitive threats, the analyst added.
About ULTA
Ulta Beauty, Inc. is a specialty United States beauty retailer and the premier beauty destination for cosmetics, fragrance, skincare products, haircare products and salon services. The Company operates approximately 1,451 retail stores across 50 states and distributes products through its Website, which includes a collection of tips, tutorials, and social content. The Company’s business includes a differentiated assortment of approximately 29,000 beauty products across a variety of categories and price points, as well as a variety of beauty services, including salon services, in more than 1,400 stores predominantly located in convenient, high-traffic locations. It also offers digital experiences delivered through its Website, Ulta.com, and its mobile applications. The Company’s brands include Ulta Beauty Collection, about-face, Ariana Grande, CHANEL, FENTY BEAUTY by Rihanna, It Cosmetics, LolaVie, OUAI, PAT McGRATH LABS, Tula, and NYX Professional Makeup.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
