BUZZ-Ulta Beauty dips as William Blair downgrades on category softness, online risk

Reuters11-21 21:14

BUZZ-Ulta Beauty dips as William Blair downgrades on category softness, online risk

** Shares of Ulta Beauty ULTA.O fall ~1% to $339.38 premarket

** William Blair downgrades stock to "market perform" from "outperform"

** Brokerage says 2025 comparable sales and operating margin consensus appear optimistic, embed expectation of unlikely early-2025 inflection in beauty category

** Says Ulta's top-line deceleration in 2024 comes from beauty category softness but believes declines are still in early innings, taking cue from other categories to come off post-pandemic highs

** Notes longer-term risk in beauty category's online migration, seeing it is to be in most damning phase due to retail cannibalization and more dynamic competition

** Brokerage sees risk with potential online migration of off-price beauty category

** 13 of 31 brokerages rate stock "buy" or higher, 16 "hold" and 2 "sell"; their median PT is $400

** Up to Wednesday's close, stock down 30% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))

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