Shares of Ulta Beauty Inc (NASDAQ:ULTA) were trading lower on Wednesday, despite the company on Tuesday reporting upbeat first-quarter results.

Here are some key analyst takeaways:

DA Davidson analyst Michael Baker maintained a Buy rating, while slashing the price target from $650 to $585.

Guggenheim Securities analyst Steven Forbes reiterated a Neutral rating on the stock.

Check out other analyst stock ratings.

DA Davidson: Ulta Beauty reported beats on comps, gross margins, and earnings, with several drivers "moving in the right direction," Baker said in a note. He added that the positives in the quarter included:

Comps of 5.3% beat consensus of 4.6%.

Comps were driven by both ticket and traffic.

Two-year comps accelerated to 8.2%, from 7.3% in the previous quarter and was the best in two years.

Gross margins expanded by 100 basis points (bps), topping the estimate of a 10-bps improvement.

Gross margins were helped by "better shrink, inventory sell through, ...