Benzinga | Dec 30, 2021 01:09PM EST

DA Davidson Bumps Up Price Targets For Ulta Beauty, O'Reilly Automotive

* DA Davidson analyst Michael Baker raised the price target on Ulta Beauty Inc (NASDAQ:ULTA) to $500 from $445 (22% upside) and kept a Buy rating on the shares.

* Baker also raised the price target on O'Reilly Automotive Inc (NASDAQ:ORLY) to $700 from $640 and kept a Neutral rating on the shares.

* The analyst states that while he is not making any "material" changes to his assumptions, his price target changes reflect a forward roll in valuation models to expected 2023 earnings.

* Price Action: ULTA shares are trading higher by 0.72% at $408.22, ORLY shares are trading lower by 0.82% at $702.35 on the last check Thursday.