Ulta Beauty and Target are going their separate ways, four years after a partnership brought Ulta’s cosmetic products to Target’s stores and website.

Ulta Beauty's growth remains promising, but valuation concerns and profit challenges lead to a downgrade to 'hold'. Read factors that limit ULTA's near-term upside.

Ulta Beauty and Target Corp. announced on Thursday that they won’t be renewing their in-store partnership, which ends a year from now in August 2026. Until then, Ulta Beauty products will continue to be sold in Target stores and online at Target.com.