ULTA Salon (ULTA) PT Lowered to $235 at Stifel Following 2Q

Stifel analyst Mark Astrachan lowered the price target on ULTA Salon (NASDAQ: ULTA) to $235.00 (from $245.00) while maintaining a Hold rating following the company's 2Q earnings report. Ulta reported disappointing results, with comp growth of 6.5% (consensus 6.9%), 100bps of y/y gross margin decline, and EPS of $2.46 (consensus $2.41), with lower-than-anticipated SG&A and pre-opening expense.

F3Q guidance for comp growth bookended consensus (7.5%, 7%-8% guidance), though EPS of $2.13 at the midpoint compares to consensus of $2.31, implying stronger-than-anticipated 4Q EPS versus consensus despite comp growth inline with coming-in expectations.

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