JPMorgan Raises Ulta Beauty (ULTA) Price Target to $800 from $647

We recently published an article titled 12 Best Retail Stocks to Buy According to Analysts.

On February 20, Ulta Beauty, Inc. (NASDAQ:ULTA) saw JPMorgan raise its price target to $800 from $647 while maintaining an Overweight rating, though the firm removed the stock from its Analyst Focus List following the recent rally and relatively conservative 2026 guidance. The analyst noted that the company’s outlook appears more weighted toward the second half of the year than current consensus estimates, particularly with respect to first-quarter expectations.

Piper Sandler also raised its price target on Ulta Beauty, Inc. (NASDAQ:ULTA) to $775 from $615 while maintaining an Overweight rating. The firm highlighted a strong holiday season and accelerating square footage growth, estimating that Space NK sales could increase in the high 20% range in 2026. Piper models fourth-quarter comparable store sales growth of approximately 5%, above company guidance of 2.5%–3.5%, citing sustained category momentum and operating leverage. The combination of traffic gains, premium brand partnerships, and expansion initiatives positions Ulta for continued share gains within the beauty category, reinforcing a positive long-term investment outlook.

Ulta Beauty, Inc. (NASDAQ:ULTA), founded in 1990 and headquartered in Bolingbrook, Illinois, is a leading U.S. retailer of cosmetics, skincare, fragrance, and salon services. Its differentiated model combines mass and prestige brands under one roof.

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