Ulta Beauty, Inc. · ULTA · FY2027 Q1 · Calendar Q2 2026
Ulta Beauty Q1: 11% Sales Growth, EPS Beat, Raised Profit Outlook on Fragrance Strength
Ulta Beauty delivered a strong start to its fiscal year, with Q1 net sales rising 11.1% to $3.2 billion and diluted EPS up 15.5% to $7.74, beating consensus on both lines. Fragrance and exclusive brands — NOYZ, Rare Beauty, and Balmain — were the primary growth drivers, complemented by digital initiatives including a new TikTok Shop that generated over 5 million impressions in its launch quarter. Management raised operating profit guidance to 6.5–9% growth and lifted EPS guidance to $28.36–$28.80, while maintaining the 6–7% sales growth target. Despite the beat and raise, the stock sold off roughly 4.8% in the reaction window with continued drift lower and 3.2x baseline volume, suggesting the market had priced in expectations for a stronger print or questioned the sustainability of comp growth against a flat gross margin outlook. The analyst consensus target of $645 implies roughly…
Company context
Snapshot as of publicationUlta Beauty, Inc. functions as a prominent beauty product retailer throughout the United States. Its physical locations feature a broad assortment of goods, including cosmetics, perfumes, skincare, haircare items, bath and body essentials, and professional salon styling instruments. Additionally, they provide a comprehensive suite of salon services, encompassing hair, skin, makeup, brow, and nail treatments. The company further offers its proprietary label products, such as the Ulta Beauty Collection for cosmetics, skincare, and bath items, alongside other Ulta Beauty branded merchandise and gift options. As of March 10, 2022, Ulta Beauty operated 1,308 retail stores across all 50 U.S. states. Its products are also available for purchase via its website, ulta.com, and through its mobile applications. Incorporated in 1990, the enterprise was initially known as Ulta Salon, Cosmetics & Fragrance, Inc., before officially changing its name to Ulta Beauty, Inc. in January 2017. Its corporate base is located in Bolingbrook, Illinois.
Earnings scorecard
Reported versus consensusEarnings History
Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Buy | Buy | Maintain | Jun 9, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jun 4, 2026 |
| Wells Fargo | Underweight | Underweight | Maintain | Jun 3, 2026 |
| UBS | Buy | Buy | Maintain | Jun 3, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jun 3, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jun 3, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jun 3, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jun 3, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jun 3, 2026 |
| DA Davidson | Buy | Buy | Maintain | Jun 3, 2026 |
| Canaccord Genuity | Buy | Buy | Maintain | Jun 3, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jun 3, 2026 |
| Baird | Outperform | Outperform | Maintain | Jun 3, 2026 |
| B. Riley Securities | Neutral | Neutral | Maintain | Jun 3, 2026 |
| Jefferies | Buy | Hold | Upgrade | Apr 20, 2026 |
| Telsey Advisory Group | Outperform | Outperform | Maintain | Mar 13, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Mar 13, 2026 |
| Raymond James | Strong Buy | Outperform | Upgrade | Jan 21, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Jan 8, 2026 |
| Argus Research | Buy | Buy | Maintain | Jan 2, 2026 |
| Guggenheim | Neutral | Neutral | Maintain | Dec 5, 2025 |
| Loop Capital | Hold | Buy | Downgrade | Jul 25, 2025 |
| Truist Securities | Neutral | Neutral | Maintain | May 15, 2025 |
| Stifel | Hold | Hold | Maintain | Mar 14, 2025 |
| BMO Capital | Market Perform | Market Perform | Maintain | Mar 14, 2025 |
| William Blair | Market Perform | Outperform | Downgrade | Nov 21, 2024 |
| Deutsche Bank | Buy | Buy | Maintain | Oct 9, 2024 |
| Cleveland Research | Neutral | Buy | Downgrade | Aug 19, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Mar 10, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 16, 2023 |
| CFRA | Buy | Buy | Maintain | May 29, 2020 |
| Nomura Instinet | Neutral | Neutral | Maintain | May 11, 2020 |
| Nomura | Neutral | Neutral | Maintain | May 11, 2020 |
| PiperJaffray | Neutral | Neutral | Maintain | Dec 2, 2019 |
| Piper Jaffray | Neutral | Overweight | Downgrade | Aug 30, 2019 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Aug 30, 2019 |
| OTR Global | Mixed | Positive | Downgrade | Aug 23, 2019 |
| Argus | Buy | Buy | Maintain | Oct 17, 2018 |
| Stifel Nicolaus | Hold | Hold | Maintain | Aug 31, 2018 |
| Buckingham Research | Buy | Buy | Maintain | May 30, 2018 |
| Buckingham | Buy | Buy | Maintain | May 30, 2018 |
| KeyBanc | Overweight | Overweight | Maintain | Mar 16, 2018 |
| BB&T Capital | Hold | Hold | Maintain | Apr 20, 2016 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Feb 26, 2016 |
| RBC Capital | Perform | Sector Perform | Maintain | Sep 10, 2015 |
| Sterne Agee | Buy | Buy | Maintain | Jun 18, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $516.73. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Argus Research | Kristina Ruggeri | $550 | $456.67 | +6.4% | Jun 18, 2026 |
| UBS | Michael Lasser | $735 | $462.81 | +42.2% | Jun 3, 2026 |
| Evercore ISI | Analyst unavailable | $635 | $465.76 | +22.9% | Jun 3, 2026 |
| Loop Capital Markets | Anthony Chukumba | $550 | $494.87 | +6.4% | Jun 3, 2026 |
| Morgan Stanley | Simeon Gutman | $630 | $494.87 | +21.9% | Jun 3, 2026 |
| Canaccord Genuity | Analyst unavailable | $731 | $494.87 | +41.5% | Jun 3, 2026 |
| Piper Sandler | Analyst unavailable | $600 | $494.87 | +16.1% | Jun 3, 2026 |
| Goldman Sachs | Kate McShane | $652 | $494.87 | +26.2% | Jun 3, 2026 |
| D.A. Davidson | Michael Baker | $585 | $494.87 | +13.2% | Jun 3, 2026 |
| UBS | Michael Lasser | $810 | $546.56 | +56.8% | Mar 13, 2026 |
| Evercore ISI | Analyst unavailable | $725 | $652.65 | +40.3% | Mar 11, 2026 |
| Telsey Advisory | Dana Telsey | $715 | $642.22 | +38.4% | Mar 9, 2026 |
| Barclays | Adrienne Yih | $712 | $642.22 | +37.8% | Mar 9, 2026 |
| Piper Sandler | Analyst unavailable | $775 | $661.34 | +50.0% | Jan 27, 2026 |
| Raymond James | Strong Buy | $790 | $675.62 | +52.9% | Jan 21, 2026 |
| Oppenheimer | Analyst unavailable | $750 | $667.06 | +45.1% | Jan 20, 2026 |
| Morgan Stanley | Analyst unavailable | $750 | $663.85 | +45.1% | Jan 15, 2026 |
| Jefferies | Analyst unavailable | $700 | $664.85 | +35.5% | Jan 14, 2026 |
| Deutsche Bank | Analyst unavailable | $732 | $655.27 | +41.7% | Jan 8, 2026 |
| UBS | Michael Lasser | $780 | $646.57 | +50.9% | Jan 7, 2026 |
| Barclays | Analyst unavailable | $680 | $631.15 | +31.6% | Jan 6, 2026 |
| Argus Research | Analyst unavailable | $700 | $605.01 | +35.5% | Jan 2, 2026 |
| Robert W. Baird | Mark Altschwager | $700 | $589.27 | +35.5% | Dec 17, 2025 |
| Oppenheimer | Rupesh Parikh | $675 | $603.02 | +30.6% | Dec 10, 2025 |
| Morgan Stanley | Analyst unavailable | $640 | $601.5 | +23.9% | Dec 7, 2025 |
| Telsey Advisory | Dana Telsey | $640 | $609.12 | +23.9% | Dec 5, 2025 |
| D.A. Davidson | Analyst unavailable | $650 | $608.8 | +25.8% | Dec 5, 2025 |
| Evercore ISI | Analyst unavailable | $660 | $594.87 | +27.7% | Dec 5, 2025 |
| Oppenheimer | Analyst unavailable | $615 | $533.95 | +19.0% | Dec 5, 2025 |
| Robert W. Baird | Mark Altschwager | $670 | $533.95 | +29.7% | Dec 5, 2025 |
| Canaccord Genuity | Analyst unavailable | $674 | $533.95 | +30.4% | Dec 5, 2025 |
| Piper Sandler | Analyst unavailable | $615 | $533.95 | +19.0% | Dec 5, 2025 |
| Barclays | Analyst unavailable | $647 | $533.95 | +25.2% | Dec 5, 2025 |
| Piper Sandler | Anna Andreeva | $590 | $545.06 | +14.2% | Dec 2, 2025 |
| D.A. Davidson | Analyst unavailable | $606 | $538.83 | +17.3% | Dec 1, 2025 |
| Canaccord Genuity | Susan Anderson | $653 | $561.15 | +26.4% | Oct 10, 2025 |
| Argus Research | Kristina Ruggeri | $570 | $537.69 | +10.3% | Sep 25, 2025 |
| Telsey Advisory | Analyst unavailable | $610 | $492.73 | +18.1% | Aug 29, 2025 |
| Morgan Stanley | Analyst unavailable | $600 | $492.73 | +16.1% | Aug 29, 2025 |
| D.A. Davidson | Analyst unavailable | $625 | $492.73 | +21.0% | Aug 29, 2025 |
| Robert W. Baird | Analyst unavailable | $600 | $530.63 | +16.1% | Aug 29, 2025 |
| Raymond James | Analyst unavailable | $605 | $492.73 | +17.1% | Aug 29, 2025 |
| UBS | Michael Lasser | $680 | $530.63 | +31.6% | Aug 29, 2025 |
| Canaccord Genuity | Susan Anderson | $650 | $530.63 | +25.8% | Aug 29, 2025 |
| Wells Fargo | Analyst unavailable | $425 | $530.63 | -17.8% | Aug 29, 2025 |
| Canaccord Genuity | Analyst unavailable | $630 | $525.05 | +21.9% | Aug 26, 2025 |
| Jefferies | Analyst unavailable | $550 | $524.37 | +6.4% | Aug 25, 2025 |
| Telsey Advisory | Dana Telsey | $590 | $524.37 | +14.2% | Aug 25, 2025 |
| Barclays | Analyst unavailable | $589 | $529.5 | +14.0% | Aug 22, 2025 |
| Oppenheimer | Rupesh Parikh | $600 | $510.84 | +16.1% | Aug 12, 2025 |
| Piper Sandler | Korinne Wolfmeyer | $425 | $428.27 | -17.8% | Jan 7, 2025 |
| Canaccord Genuity | Susan Anderson | $538 | $428.27 | +4.1% | Jan 7, 2025 |
| Loop Capital Markets | Anthony Chukumba | $480 | $424 | -7.1% | Dec 9, 2024 |
| Robert W. Baird | Mark Altschwager | $440 | $399.81 | -14.8% | Dec 5, 2024 |
| BMO Capital | Simeon Siegel | $385 | $372.01 | -25.5% | Oct 17, 2024 |
| Piper Sandler | Korinne Wolfmeyer | $357 | $373.21 | -30.9% | Oct 17, 2024 |
| Stifel Nicolaus | Mark Astrachan | $395 | $373.21 | -23.6% | Oct 17, 2024 |
| D.A. Davidson | Michael Baker | $435 | $360.36 | -15.8% | Oct 16, 2024 |
| Raymond James | Olivia Tong | $440 | $370.58 | -14.8% | Oct 14, 2024 |
| Piper Sandler | Korinne Wolfmeyer | $365 | $371.08 | -29.4% | Oct 11, 2024 |
| Loop Capital Markets | Anthony Chukumba | $450 | $360.86 | -12.9% | Sep 3, 2024 |
| Goldman Sachs | Kate McShane | $398 | $351.96 | -23.0% | Aug 30, 2024 |
| Evercore ISI | Michael Binetti | $420 | $367.58 | -18.7% | Aug 30, 2024 |
| Oppenheimer | Rupesh Parikh | $435 | $367.58 | -15.8% | Aug 30, 2024 |
| Stifel Nicolaus | Mark Astrachan | $385 | $367.58 | -25.5% | Aug 30, 2024 |
| UBS | Michael Lasser | $505 | $367.58 | -2.3% | Aug 30, 2024 |
| Citigroup | Kelly Crago | $345 | $367.58 | -33.2% | Aug 30, 2024 |
| J.P. Morgan | Christopher Horvers | $450 | $366.82 | -12.9% | Aug 28, 2024 |
| Canaccord Genuity | Susan Anderson | $500 | $371.18 | -3.2% | Aug 27, 2024 |
| Evercore ISI | Michael Binetti | $430 | $374.45 | -16.8% | Aug 26, 2024 |
| Robert W. Baird | Mark Altschwager | $485 | $377.04 | -6.1% | Aug 23, 2024 |
| Citigroup | Kelly Crago | $375 | $374.26 | -27.4% | Aug 23, 2024 |
| Oppenheimer | Rupesh Parikh | $450 | $412.94 | -12.9% | Jul 15, 2024 |
| Loop Capital Markets | Anthony Chukumba | $520 | $395.09 | +0.6% | Jun 3, 2024 |
| DNB Markets | Lorraine Hutchinson | $425 | $390.01 | -17.8% | May 31, 2024 |
| BMO Capital | Simeon Siegel | $500 | $384.15 | -3.2% | May 31, 2024 |
| Piper Sandler | Korinne Wolfmeyer | $498 | $384.14 | -3.6% | May 31, 2024 |
| Barclays | Adrienne Yih | $434 | $387.92 | -16.0% | May 30, 2024 |
| Canaccord Genuity | Susan Anderson | $522 | $381.13 | +1.0% | May 29, 2024 |
| Robert W. Baird | Mark Altschwager | $525 | $381.13 | +1.6% | May 29, 2024 |
| Piper Sandler | Korinne Wolfmeyer | $505 | $399.56 | -2.3% | May 20, 2024 |
| UBS | Michael Lasser | $550 | $403.41 | +6.4% | May 16, 2024 |
| Stifel Nicolaus | Mark Astrachan | $475 | $403.96 | -8.1% | May 14, 2024 |
| Oppenheimer | Rupesh Parikh | $475 | $394.88 | -8.1% | May 7, 2024 |
| Jefferies | Ashley Helgans | $438 | $425.11 | -15.2% | Apr 19, 2024 |
| Jefferies | Ashley Helgans | $585 | $454.8 | +13.2% | Apr 10, 2024 |
| Piper Sandler | Korinne Wolfmeyer | $595 | $452.78 | +15.1% | Apr 9, 2024 |
| Loop Capital Markets | Anthony Chukumba | $240 | $444.75 | -53.6% | Apr 8, 2024 |
| Loop Capital Markets | Anthony Chukumba | $540 | $444.75 | +4.5% | Apr 8, 2024 |
| Goldman Sachs | Kate McShane | $605 | $444.75 | +17.1% | Apr 8, 2024 |
| Oppenheimer | Rupesh Parikh | $500 | $439.98 | -3.2% | Apr 4, 2024 |
| Deutsche Bank | Krisztina Katai | $564 | $439.98 | +9.1% | Apr 4, 2024 |
| Raymond James | Olivia Tong | $610 | $444.98 | +18.1% | Apr 3, 2024 |
| Stifel Nicolaus | Mark Astrachan | $565 | $535.98 | +9.3% | Mar 15, 2024 |
| BMO Capital | Simeon Siegel | $540 | $535.98 | +4.5% | Mar 15, 2024 |
| Wells Fargo | Ike Boruchow | $450 | $535.98 | -12.9% | Mar 15, 2024 |
| Deutsche Bank | Krisztina Katai | $636 | $535.98 | +23.1% | Mar 15, 2024 |
| Evercore ISI | Michael Binetti | $630 | $535.98 | +21.9% | Mar 15, 2024 |
| Piper Sandler | Korinne Wolfmeyer | $665 | $535.98 | +28.7% | Mar 15, 2024 |
| D.A. Davidson | Michael Baker | $595 | $535.98 | +15.1% | Mar 15, 2024 |
| UBS | Michael Lasser | $690 | $567.46 | +33.5% | Mar 14, 2024 |
| Canaccord Genuity | Susan Anderson | $647 | $555.57 | +25.2% | Mar 12, 2024 |
| Loop Capital Markets | Simeon Siegel | $485 | $475.25 | -6.1% | Dec 1, 2023 |
| Oppenheimer | Rupesh Parikh | $540 | $429.38 | +4.5% | Aug 22, 2023 |
| Canaccord Genuity | Susan Anderson | $622 | $531.79 | +20.4% | Mar 28, 2023 |
| Telsey Advisory | Dana Telsey | $600 | $525.28 | +16.1% | Mar 10, 2023 |
| Wells Fargo | Analyst unavailable | $400 | $488.94 | -22.6% | Jan 6, 2023 |
| Goldman Sachs | Analyst unavailable | $508 | $469.06 | -1.7% | Dec 12, 2022 |
| Morgan Stanley | Analyst unavailable | $445 | $471.33 | -13.9% | Dec 5, 2022 |
| Barclays | Analyst unavailable | $548 | $471.33 | +6.1% | Dec 5, 2022 |
| UBS | Analyst unavailable | $590 | $470.67 | +14.2% | Dec 2, 2022 |
| Wells Fargo | Analyst unavailable | $450 | $474.22 | -12.9% | Dec 2, 2022 |
| Oppenheimer | Analyst unavailable | $535 | $472.53 | +3.5% | Dec 2, 2022 |
| Piper Sandler | Analyst unavailable | $570 | $472.53 | +10.3% | Dec 2, 2022 |
| Telsey Advisory | Analyst unavailable | $575 | $472.53 | +11.3% | Dec 2, 2022 |
| Piper Sandler | Analyst unavailable | $525 | $457.24 | +1.6% | Nov 29, 2022 |
| Raymond James | Olivia Tong | $505 | $413.12 | -2.3% | Aug 26, 2022 |
| Credit Suisse | Oliver Chen | $480 | $419.25 | -7.1% | Aug 26, 2022 |
| Piper Sandler | Korinne Wolfmeyer | $510 | $419.25 | -1.3% | Aug 26, 2022 |
| Telsey Advisory | Dana Telsey | $510 | $419.25 | -1.3% | Aug 26, 2022 |
| D.A. Davidson | Michael Baker | $490 | $401.12 | -5.2% | Jun 15, 2022 |
| Jefferies | Stephanie Wissink | $475 | $425.08 | -8.1% | May 27, 2022 |
| Piper Sandler | Analyst unavailable | $465 | $429.3 | -10.0% | Apr 19, 2022 |
| Cowen & Co. | Oliver Chen | $480 | $387.31 | -7.1% | Mar 17, 2022 |
| Evercore ISI | Omar Saad | $500 | $368.51 | -3.2% | Mar 11, 2022 |
| Jefferies | Stephanie Wissink | $400 | $368.51 | -22.6% | Mar 11, 2022 |
| Bank of America Securities | Lorraine Hutchinson | $410 | $368.51 | -20.7% | Mar 11, 2022 |
| Robert W. Baird | Mark Altschwager | $450 | $379.37 | -12.9% | Mar 10, 2022 |
| Oppenheimer | Rupesh Parikh | $470 | $350.84 | -9.0% | Mar 7, 2022 |
| Citigroup | Kelly Crago | $393 | $358.83 | -23.9% | Jan 28, 2022 |
| Credit Suisse | Oliver Chen | $455 | $378.81 | -11.9% | Dec 3, 2021 |
| UBS | Michael Lasser | $475 | $378.81 | -8.1% | Dec 3, 2021 |
| Morgan Stanley | Simeon Gutman | $420 | $358.15 | -18.7% | Oct 20, 2021 |
| Loop Capital Markets | Anthony Chukumba | $400 | $379.05 | -22.6% | Sep 17, 2021 |
| Goldman Sachs | Kate McShane | $499 | $387.23 | -3.4% | Aug 27, 2021 |
| Telsey Advisory | Dana Telsey | $475 | $388.68 | -8.1% | Aug 26, 2021 |
Track every rating change on ULTA the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session closeFollow ULTA with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
Q1 net sales increased 11.1% to $3.2 billion (est. $3.12B) and diluted EPS rose 15.5% to $7.74 (est. $6.89), producing a 12.3% EPS surprise and 1.4% revenue surprise. The company raised its FY operating profit growth guidance to 6.5–9% and its EPS guidance to $28.36–$28.80 (from $28.05–$28.55), while keeping the 6–7% sales growth target unchanged. New initiatives include a TikTok Shop launch with shoppable live streams generating 5M+ impressions, a new Salt Lake City distribution center with advanced automation, and a planned Times Square flagship store for late 2027. The stock declined 4.8% in the reaction window with 3.2x baseline volume and drifted an additional 2.1% lower subsequently.
Guidance delta
Sales growth guidance maintained at 6–7%. Operating profit growth guidance raised to 6.5–9% (from flat-to-modestly-up). EPS guidance raised to $28.36–$28.80 (from $28.05–$28.55). Capex outlook stable at $58M for the quarter. $1.5B share repurchase program authorized. Guidance sentiment: maintained on sales with upward revision on profit and EPS.
Key takeaways
- Q1 net sales rose 11.1% to $3.2B and diluted EPS rose 15.5% to $7.74, beating consensus on both revenue and EPS.
- Fragrance and exclusive brands (NOYZ, Rare Beauty, Balmain) drove growth; TikTok Shop generated 5M+ impressions in its launch quarter.
- FY operating profit guidance raised to 6.5–9% growth and EPS to $28.36–$28.80, while sales growth maintained at 6–7%.
- Stock sold off 4.8% post-earnings with 3.2x volume and continued 2.1% drift lower despite the beat and raise.
- Analyst consensus target of $645 implies ~25% upside from the current price of $516.73.
Management priorities
- Continue U.S. store expansion and international growth in Mexico, U.K./Ireland, and the Middle East.
- Scale AI initiatives with Ulta AI and Google Gemini integration for personalization.
- Broaden TikTok Shop offerings and exclusive brand bundles for social commerce.
- Develop Times Square flagship as experiential destination (late 2027).
- Enhance supply-chain automation via the new Salt Lake City distribution center.
- Execute $1.5B share repurchase program with capital discipline.
Related earnings events
Consumer CyclicalSources
- Earnings call transcript and parsed analysis · 2026-06-03T13:23:30.390766+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T02:31:49.249178+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T02:31:49.246478+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.