Ulta Beauty up after Citi raises PT ahead of Q3 results
** Cosmetics retailer Ulta Beauty's ULTA.O shares up as much as 2.9% at 386.17
** Brokerage Citi raises ULTA's PT to $390 from $345 ahead of its Q3 results on Dec. 5
** Sees a Q3 EPS beat driven by stronger comparable sales and slightly stronger gross margin
** Notes ULTA is facing headwinds from weakening category trends and increased competition that are making it difficult to drive traffic this year
** Expects co to narrow current annual EPS forecast given the low-end of current guidance assumes a meaningful deterioration in comp trends that isn't expected in H2
** 13 of 31 brokerages rate the stock "buy" or higher, 16 "hold" and 2 "sell"; with a median PT of $400
** Up to Wednesday's close, stock has fallen 23.4% YTD
Reporting by Neil J Kanatt in Bengaluru
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