This beauty stock has been on fire over the past year. Jefferies sees even more upside
By Liz Napolitano
Published on April 20, 2026.
Jefferies has upgraded Ulta Beauty to buy from hold and raised its price target on shares to $700 from $635, suggesting 26.5% upside. The company is shifting its corporate strategy to differentiate itself from rivals and capitalize on continued demand for beauty products. The global beauty market is expected to expand by 5% annually through 2030, according to consulting firm McKinsey. Despite concerns that demand is waning, Ulta shares have risen by around 55% over the past 12 months. Jefferies' call aligns with consensus on the Street, with 18 of the 28 analysts covering Ulta's shares.
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