Ulta Beauty rises on raised outlook amid strong makeup, skin care demand
Shares of Ulta Beauty ULTA.O up 6.52% at $568.75 before the bell
The cosmetic retailer raised its annual sales and profit forecasts, benefiting from strong demand for its makeup and skincare products
Co expects annual profit of $25.20-$25.50 per share, vs its prior forecast of $23.85-$24.30
"We believe Ulta is executing extremely well and is on track to benefit from continued healthy beauty demand this holiday season," said analysts at Canaccord Genuity in a note
For the third quarter, earnings per share of $5.14 beat estimates of $4.64, as per data compiled by LSEG
At least eight brokerages raised PTs on the stock
Median PT of 27 analysts covering the stock is $608 with an avg "buy" rating, according to data compiled by LSEG
As of last close, ULTA up nearly 23%
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