Brokerages cut Ulta Beauty's PT on slower recovery; shares fall
** Shares of retailer Ulta Beauty ULTA.O down as much as 2.5% at $364.06 in morning trade
** Brokerage Jefferies cuts PT to $340 from $350, citing slower-than-anticipated recovery
** Adds, commentary around newness did not do much to quell concerns around co's ability to acquire new brands that are outperforming at other retailers
** TD Cowen also cuts PT by $1 to $380, reiterates "hold" rating
** Says as competition intensifies, co needs to execute across innovation and exclusives pipeline as well as loyalty program
** Adds, given ongoing Enterprise Resource Planning (ERP) challenges impacting co's inventory flow, there could be further impact on earnings in the near-term
** During investor day on Wednesday, ULTA reaffirmed 2024 net sales and profit forecast, said board has approved new share repurchase authorization of $3 bln
** Fourteen of 31 brokerages rate the stock "buy" or "higher", 15 "hold" and two "sell"; their median PT is $397.50 - LSEG
** Including session moves, stock down nearly 24% YTD
Reporting by Anuja Bharat Mistry in Bengaluru
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