Ulta Beauty Inc (NASDAQ:ULTA) shares are down on Friday, after the company reported a second-quarter earnings miss.

The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.

Goldman Sachs On Ulta Beauty

Analyst Kate McShane maintained a Neutral rating while reducing the price target from $412 to $398.

Ulta Beauty reported a 1.2% decline in same-store sales, “driven by lower transactions (-1.8%) and higher ticket (+0.6%),” McShane said in a note. The company continued to lose market share in prestige, “largely driven by pressure in makeup and hair,” he added.

“Factors driving the decline in comp store transactions include normalization in the beauty category and an increasingly value-focused consumer, competitive intensity in the category, operational disruption from the completion of the company’s ERP transition, and incremental promotions, which did not deliver the expected sales lift in stores,” the analyst wrote.

Stifel On Ulta Beauty

Analyst Mark Astrachan reiterated a Hold rating while cutting the price target from $475 to $385.

Ulta Beauty reported disappointing quarterly results, with EBIT of $329 million missing consensus of $344 million and weaker-than-forecast comp, which were down 1.2% versus expectations of 1.4% growth, Astrachan said. The company reduced its full-year guidance “across key …

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