Ulta Beauty price target raised to $750 from $675 at Oppenheimer

Core Viewpoint - Oppenheimer has raised the price target for Ulta Beauty (ULTA) to $750 from $675, maintaining an Outperform rating on the shares, reflecting increased confidence in the company's future growth prospects [1] Group 1: Price Target Adjustment - The price target increase is primarily due to a recent re-rating in discretionary names and confidence in Ulta's FY26 newness pipeline, particularly with the upcoming Rare Beauty launch [1] Group 2: Growth Drivers - Oppenheimer identifies multiple drivers to sustain top-line momentum, including merchandising efforts and digital initiatives [1] Group 3: Leadership Confidence - The firm expresses strong confidence in CEO Kecia Steelman's leadership, believing that the efforts of her team will continue to yield positive results [1] Group 4: Investment Recommendation - Ulta remains a top pick for Oppenheimer, indicating a strong belief in the company's future performance [1]