Wall Street Analysts See Upside Potential for 5 Stocks with Rising Price Targets

In this article, we will discuss the 10 stocks whose price targets were recently raised by analysts. If you want to see more such stocks on the list, go directly to Wall Street Analysts See Upside Potential for 10 Stocks with Rising Price Targets.

05. Ulta Beauty, Inc. (NASDAQ:ULTA)

Upside Potential: 18%

On March 18, Raymond James provided an updated assessment of Ulta Beauty, Inc. (NASDAQ:ULTA), a prominent player in the beauty retail industry. The analyst team adjusted the price target upward from $575 to $630 while maintaining a strong buy rating for the stock. Ulta Beauty operates within the competitive beauty retail sector, offering a wide range of cosmetics, skincare, and haircare products, as well as salon services. The company’s performance is influenced by factors such as consumer trends, brand partnerships, and overall economic conditions. With the increase in the price target, Raymond James suggests an upside potential of 18% for Ulta Beauty, Inc. (NASDAQ:ULTA) stock compared to its current market price of $532.33. This indicates Raymond James’ confidence in the company’s growth prospects and market position.

The strong buy rating reaffirms Raymond James’ belief that Ulta Beauty, Inc. (NASDAQ:ULTA) stock presents compelling investment opportunities relative to its peers and market conditions. Raymond James expects Ulta Beauty to continue its positive trajectory based on their analysis of the company’s financial performance and industry trends. The higher price target reflects Raymond James’ confidence in Ulta Beauty, Inc. (NASDAQ:ULTA) ability to drive sales growth and expand its market share. By maintaining a strong buy rating and raising the price target, Raymond James reiterates their bullish outlook on Ulta Beauty and encourages investors to consider the stock as an attractive investment option. This endorsement underscores Raymond James’ confidence in Ulta Beauty, Inc. (NASDAQ:ULTA) ability to capitalize on consumer demand for beauty products and maintain its leadership position in the industry.

Here is what Carillon Eagle Mid Cap Growth Fund has to say about Ulta Beauty, Inc. (NASDAQ:ULTA) in its Q2 2023 investor letter:

“Ulta Beauty operates a chain of beauty stores. The stock underperformed after the company lowered its margin outlook as it continued to fight higher inventory shrink and other costs. Meanwhile, demand and transaction growth remain strong.”