The reopening of the U.S. economy has D.A. Davidson betting on Ulta Beauty as a stock that could benefit in the march back to normalcy. Matt Maley of Miller Tabak lays out the technical case as to why that's the right move.
Analysts at the firm initiated Ulta Beauty with a buy rating on Thursday, calling it the "Ulta-mate of all reopening trades" as consumers pivot back to beauty and wellness.
"It had a nice run like every other stock did off the March lows, but then it pulled back at the beginning of the summer. But, when it did, it created a much higher low and a very nice base there, and then it's rallied back up. Now it's trying to push up and follow that higher low with a key higher high," Maley told CNBC's "A higher high would establish the reversal of the downtrend. Now it faces its crucial next test, said Maley.
Gina Sanchez, CEO of Chantico Global, sees Ulta Beauty as a survivor in the retail space even in a lackluster economic recovery.
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