JPMorgan Raises Ulta Beauty (ULTA) Price Target to $800 from $647

Company Overview - Ulta Beauty, Inc. (NASDAQ:ULTA) is a leading U.S. retailer of cosmetics, skincare, fragrance, and salon services, founded in 1990 and headquartered in Bolingbrook, Illinois. The company combines mass and prestige brands under one roof [4]. Analyst Ratings and Price Targets - JPMorgan raised its price target for Ulta Beauty to $800 from $647 while maintaining an Overweight rating, but removed the stock from its Analyst Focus List due to a recent rally and conservative 2026 guidance [1]. - Piper Sandler also increased its price target for Ulta Beauty to $775 from $615, maintaining an Overweight rating, citing a strong holiday season and accelerating square footage growth [3]. Sales and Growth Projections - Piper Sandler estimates that Space NK sales could increase in the high 20% range in 2026 and models fourth-quarter comparable store sales growth of approximately 5%, which is above the company's guidance of 2.5%–3.5% [3]. - The positive outlook is supported by sustained category momentum, operating leverage, traffic gains, premium brand partnerships, and expansion initiatives, positioning Ulta for continued share gains within the beauty category [3].