DA Davidson increased its price target for Ulta Beauty (NASDAQ: ULTA) to $625 from $585 on Thursday, maintaining a Buy rating as the beauty retailer reported better-than-expected second-quarter results.
The firm joins a wave of bullish analyst revisions following Ulta Beauty’s earnings release. Goldman Sachs lifted its target to $667, while Jefferies raised its projection to $650. Raymond James reiterated a Strong Buy rating with a $700 target. UBS, however, trimmed its outlook to $710 from $735, though it kept its Buy rating intact.
Ulta Beauty reported diluted earnings per share of $27.45 for the quarter, up 11.16% year-over-year, while revenue growth reached the same rate. Same-store sales grew 3.8%, surpassing the consensus estimate of 2.3% and marking the strongest comparable sales performance since Q1 2024.
The company’s stock fell about 3.2% in early trading after the earnings release, despite a 20% gain in the prior six months. The dip was attributed to competitive pressures, though DA Davidson noted it remains comfortable with the challenges.
Analysts also highlighted Ulta Beauty’s full-year outlook, which was revised upward based on stronger-than-expected quarterly results and an improved trajectory for the second half of 2026. According to InvestingPro data cited in the report, three analysts raised their earnings forecasts for the upcoming period, and the stock was trading below its fair value.
Ulta Beauty reported Q2 earnings per share of $6.55, beating both Raymond James’ estimate and the consensus.
