Piper Sandler raised its price target for Ulta Beauty to $775.00 from $615.00 on Tuesday while maintaining an Overweight rating on the stock. The firm cited limited brand overlap between Ulta and the newly acquired Space NK and said that the combination opens a pathway for potential U.S. expansion of the Space NK brand. Piper Sandler revised its estimates to incorporate Space NK into Ulta’s operating model.
As of the report, Ulta was trading at $661.34 with a market capitalization of $29.34 billion, placing the share price just beneath its 52-week high of $695.34. External data noted by the research firm show that Ulta has produced a strong price total return of 59.36% over the past year.
Piper Sandler referenced preliminary indications that Space NK experienced a robust holiday season, with sales rising 26%, according to reporting from WWD. The research firm models Space NK sales growth in the high-20% range for 2026. When combined with continued strength in Ulta’s core operations, Piper Sandler suggested that overall results could come in ahead of current Wall Street expectations.
For Ulta’s fourth quarter of fiscal 2025, Piper Sandler forecasts 5% comparable sales growth, which is above Ulta’s own guidance range of 2.5% to 3.5% and higher than consensus estimates of 4%. The analyst team noted that promotional activity at Ulta during the period was generally consistent with the prior year, with less aggressive discounting observed over Cyber Monday and during December overall.
The new $775 price target equates to roughly 25 times Piper Sandler’s 2027 earnings estimate. By contrast, the prior target was based on about 22 times the firm’s 2026 earnings projection. Piper Sandler framed the multiple change as a reflection of momentum in both Ulta’s business and the broader beauty category.
Ulta is also progressing with physical expansion in the Middle East. The company is scheduled to open its first store in the United Arab Emirates at the Mall of the Emirates on January 29, 2026. This location follows the retailer’s initial entry into the region with an earlier store opening in Kuwait.
Multiple other brokerages have updated their views on Ulta in recent days. Oppenheimer increased its price target to $750 and maintained an Outperform rating, citing confidence in the company’s fiscal 2026 product pipeline, including the planned launch of Rare Beauty. Jefferies initiated coverage with a Hold rating and a $700 price target, pointing to Ulta’s strong position across prestige and mass beauty segments. Bank of America adjusted its target to $685 from $610 after conducting a tour of Ulta’s new Manhattan location. Evercore ISI reiterated an Outperform rating with a $660 target and projects earnings per share of $30.00 for 2026, a level the firm said sits above consensus.
Together, these analyst moves and the integration of Space NK form the basis for Piper Sandler’s higher valuation and underscore the degree of attention Ulta is attracting across the research community. The firm’s model updates, the company’s international expansion plans, and the mix of analyst price-target revisions provide several lenses through which investors can assess Ulta’s near-term and multi-year outlook.