Ulta $ULTA ( ▲ 0.8% ) is getting a glow up on Wall Street. The stock surged Friday morning after the beauty retailer topped Q3 expectations and raised its full-year forecast, sparking a wave of analyst price target hikes.
Earnings came in at $5.14 per share, beating estimates of $4.64. Revenue hit $2.86 billion, ahead of the $2.72 billion analysts were expecting. Beauty spending has remained surprisingly strong, even as shoppers hunt for discounts elsewhere.
Ulta now expects full-year net sales of about $12.3 billion, up from its prior range of $12.0 billion to $12.1 billion. It also raised its earnings outlook to $25.20 to $25.50 per share, up from $23.85 to $24.30. This is the company’s second straight quarter of guiding higher, and analysts took notice.
Goldman Sachs raised its price target to $642.
DA Davidson moved to $650.
JPMorgan went to $647.
Baird hiked to $670.
Telsey Advisory lifted to $640.
Piper Sandler increased to $615.
Canaccord Genuity bumped to $674.