Ulta Beauty rises after higher profit guidance and TikTok strategy
BUZZ-Ulta Beauty rises after higher profit guidance and TikTok strategy ** Shares of cosmetics retailer Ulta Beauty ULTA.O up 1.2% at $501 premarket
** Co beat Q1 estimates and raised its annual profit forecast, boosted by demand for premium products and younger shoppers attracted by CEO Kecia Steelman's TikTok push
** Barclays says that while competition is intensifying and consumers are becoming more value-conscious in the near term, Ulta's long-term outlook remains strong, supported by digital growth, loyal customers, and ongoing product innovation and exclusivity driving sales
** Co now expects full-year earnings per share of $28.36 to $28.80, up from its earlier forecast of $28.05 to $28.55
** 20 of 28 brokerages rate the stock "buy" or higher, 7 "hold" and 1 "sell"; their median PT is $685 - LSEG-compiled data
** As of last day's close, stock down 18.2% YTD
(Reporting by Kanishka Ajmera in Bengaluru)
((mail to: Kanishka.Ajmera@thomsonreuters.com))
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