Ulta Beauty's Investments are Materializing, Momentum Should Sustain Into Q4, Morgan Stanley Says

MT Newswires Live12-08

Ulta Beauty's (ULTA) investments are materializing, and momentum should sustain into Q4, Morgan Stanley said in a Friday research report.

The company's Unleashed plan to drive customer engagement is encouraging, and there is more room for upside to Q4 comps, the brokerage stated.

The company's upside potential is fueled by stable comps, consistent market share gains, and operating leverage from moderating selling, general, and administrative overheads in 2026, analysts wrote.

SG&A spend is likely to grow for 2025, reflecting increased investments in store payroll, technology, and go-to-market capabilities, expected to help sustain top-line growth in 2026, according to the note.

The brokerage said its raised its 2025, 2026, and 2027 earnings estimates to $25.55, $28.40, and $31.30, respectively.

Morgan Stanley had an overweight rating on the stock and raised its price target to $640 per share from $600.

Price: 579.14, Change: -22.36, Percent Change: -3.72

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