Long-term attractive, initiating with Overweight
We are initiating on Ulta Beauty with an Overweight rating and a $303 price target. The company is the leading player within the highly attractive specialty beauty retail category. This category is still in its early stages of growth, with considerable market share gain opportunity versus legacy channels. Demographic trends are positive for the expansion of the addressable market. Ulta is well positioned to take advantage of the favourable backdrop given leadership, a strongly loyalty model and ever-strengthening brand relationships, with an attractive valuation given the growth profile.Ulta Beauty is a beauty retailer that provides cosmetics, fragrance, skin care products, hair care products, and salon services. The company's stores are primarily located in locations such as power centers. The company provides a range of services in all of its stores. The company's stores, website, and mobile applications provides more than 25,000 products from approximately 500 beauty brands across all categories and price points, including its own private label, the Ulta Beauty Collection. The company provides a portfolio across five primary categories: cosmetics; skincare, bath and fragrance; haircare products and styling tools; salon services; and other, which includes nail products and accessories.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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