Why Shares of Ulta Beauty Are Rising This Afternoon
Shares of Ulta Beauty (NASDAQ: ULTA) surged on Thursday afternoon after an influential analyst team said that the coronavirus pandemic might not hit the retail sector as hard as investors had feared. As of 3 p.m. EDT, Ulta's shares were up about 16% from Wednesday's closing price.
In a new note on Thursday, Cowen analysts, led by Oliver Chen, put some of the first estimates to the impact of "social distancing" measures on retail stocks. The analysts see a sharp decline in sales in March and likely a brutal April -- but then, they wrote, a likely recovery through the summer.
Image source: Getty Images.
Source Fool.com