Analysts at Goldman Sachs turned less bullish on Ulta Beauty Inc ULTA amid a more mixed beauty environment. The firm's Matthew Fassler maintains a Buy rating on Ulta's stock with a price target lowered from $290 and $267 while simultaneously removing the name from the "Goldman Sachs Conviction List." Cosmetics accounted for approximately 51 percent of Ulta's total revenue last year but industry sources are now calling for "lesser innovation" in the space, Fassler commented in a research report. While the beauty industry is also seeing greater innovation in hair-care and skincare, the growth in these two categories won't be large enough to offset a slowdown in cosmetics. However, this doesn't imply that investors should be concerned as the company remains a share gainer in the overall beauty space. SourceThe downside is over. The price will try to reach the upper edge of the falling channel and will try to break it out. $ULTA, Ulta Beauty, Inc. / D