Loop Capital upgrades Ulta Beauty, calls luxury brand expansion a multiyear driver for sales growth

A bet on luxury brands should pay off for Ulta Beauty in the not too distant future, according to Loop Capital.

A bet on luxury should pay off for Ulta Beauty over the long haul, according to Loop Capital. Analyst Anthony Chukumba upgraded the beauty stock to buy from hold, highlighting its push into the luxury market and Target shop experiences.

mountain Ulta Beauty shares in 2023 "We believe the nascent luxury brand expansion represents a multi-year comparable sales growth driver," by luring new customer and encouraging others to trade up, he said. "We also think the continued rollout of Ulta Beauty at Target shop-in-shops will drive incremental income as well as Ultamate Rewards memberships." After outperforming the broader market during 2022's equities slump, Ulta shares have pulled back 9.4% year to date.

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