Beauty Health stock surges toward a record after Ulta’s plan to test HydraFacials in some stores

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Shares of Beauty Health Co.
SKIN,
+5.22%,
the parent of The HydraFacial Co., rallied 5.1% toward a record in afternoon trading Thursday, after Ulta Beauty Inc.
ULTA,
-0.04%
said it plans to test the company’s HydraFacial brand in select stores. “The news is another indication of market receptivity to the Hydrafacial, and we believe that the Beauty Health Co. is well-positioned to capitalize on these trends with its omni-channel strategy,” analyst Bruce Jackson at Benchmark wrote in a note to clients. “We continue to believe that continued expansion into the health and beauty channel…and
international markets can gain traction as the economy reopen.” In Ulta’s post-earnings conference call with analysts late Wednesday, Chief Executive David Kimbell said testing HydraFacials, micro-channeling and dermaplaning in some stores was part of Ulta’s plan to offer new services that target specific concerns, such as hydration, anti-aging and acne facials that cater to Gen Z customers. Beauty Health’s stock, has now more than doubled year to date, up 113.8%, while Ulta shares have climbed 35.5% and the S&P 500
SPX,
-0.47%
has gained 19.2%.

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