Ulta Beauty(US:ULTA) 智通财经网·2025-12-31 07:03Group 1 - Goldman Sachs reaffirms a "Buy" rating for Ulta Beauty (ULTA.US) with a target price of $642, believing the market underestimates Ulta's growth potential and sustainability, which is expected to continue through 2026 [1] - Analysis of various data sources indicates positive momentum for Ulta in the current quarter, with Google search volume increasing, high Net Promoter Score (NPS) year-over-year, and positive trends in Bloomberg data and foot traffic [1] - Ulta's same-store sales acceleration is attributed to a healthy beauty industry and the company's strong execution, with investments in marketing, labor, and services translating into market share growth [1] Group 2 - Circana data shows that during Black Friday and Cyber Monday, demand in all retail categories, except for high-end beauty, fell short of expectations, leading Goldman Sachs to view Ulta's management guidance for FY2025 revenue growth of 4.4%-4.7% as conservative [2] - Goldman Sachs anticipates that the growth drivers from 2025 will persist into 2026, benefiting from a healthier industry environment and improved execution [2] - The management is focused on controlling selling, general, and administrative expenses (SG&A) to further enhance operating margins [2]