Dylan Carden downgrades Ulta due to a 'hard reset of expecta...

Dylan Carden downgrades Ulta due to a 'hard reset of expectations,' citing concerns that the anticipated positive shift in the beauty market by early 2025 may not occur. Ulta faces challenges from the rise of online commerce and stiff competition for prestige brands, which could erode market share or necessitate sacrifices in retail to keep up demand.